Govt opens consultation on planner standards
The Federal Government has released a consultation paper on ways to lift the professional standards of financial advisers and called on submissions.
The consultation paper is based on the recommendations of the Parliamentary Joint Committee and Financial Services released earlier this year and the Assistant Treasurer, Josh Frydenberg, has urged responses to the consultation paper.
"It is now time to put in place an enduring framework that raises the professional, ethical and education standards of advisers," he said.
Frydenberg said that with the right model, improvements in the qualifications, competence and ethics of the financial advice industry would emerge as a "win-win".
Industry will benefit from improved consumer confidence and from becoming a recognised profession," he said. "Consumers will benefit from increased transparency, accountability and adviser competence."
Submissions will close on 7 May, 2015.
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