Dear Alan
We have noted your letter posted yesterday on this web site referring to comments made by the Chief Executive of the Financial Planners & Insurance Advisers Association.
The comments made in the article are both factually correct and, as you yourself point out in the first paragraph, are not targeted directly at Money Managers. The first of the comments confirms that few if any of your advisers are members of FPIA, a fact you again confirm as correct in your letter.
The second comment was in response to a question as to what would be expected of our advisers in a situation where they had a business relationship with the provider of the investment product they are recommending. Again the comment was factual and not in any way directed at Money Managers or your internal procedures.
Your description of those internal procedures is impressive and we congratulate you on them. It is perhaps unfortunate that no one from your company was available to confirm to the author of the article that the requirements outlined by Mr Matthews as regards disclosure are also met by your advisers adherence to those internal procedures.
We welcome your open minded attitude to future membership of the FPIA and are confident that the Authorised Training Organisation structure we are finalising at the moment will help to facilitate membership for all your advisers. We look forward to discussing that with you.
Yours sincerely
Paul O'Brien CLU
President
Financial Planners & Insurance Advisers Association
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