The Federal Government has unveiled its 16-member advisory panel for financial advice and professional standards.
The panel, to be chaired by the Australian Securities and Investments Commission’s Greg Medcraft, will provide views on professional and ethical standards, competency and training requirements for advisers, among other topics.
High ranking officials of various industry associations make up almost half the panel, including the Financial Planning Association’s Mark Rantall, Association of Financial Advisers’ Richard Klipin, chief executive officer of Finsia Martin Fahy, and SPAA’s Andrea Slattery. They will be accompanied by members of various other industry organisations, such as the Stockers Association of Australia, National Insurance Brokers Association and CPA Australia.
A number of other financial services industry heavyweights have also been included on the panel, including the chief executive officer of Colonial First State, Brian Bissaker, AMP director of financial planning Steve Helmich, and Antony Cahil, executive general manager of National Australia Bank.
The Assistant Treasurer and Financial Services Minister, Bill Shorten, said the panel, which is expected to hold its first meeting by the end of the year, would play a key role in lifting the level of professional standards and promoting confidence in the financial advice industry.
Shorten added that the panel presents a major component and an early milestone of the Gillard Government’s Future of Financial Advice reforms.
“It is made up [of] senior representatives from across the financial services industry as well as consumer, academic and employee representatives,” Shorten said.
The rest of the panel will be comprised of Daniel Brammell from Brocktons Independent Advisory, chief executive officer of HESTA Super Fund Anne-Marie Corboy, Rod Masson from the Financial Sector Union, Australian Securities Exchange’s Fiona Hooymans, Jenny Mack, chair of the consumer watchdog Choice, and Dimity Kingsford, a professor at the University of New South Wales.
