ABA stands with Government on FOFA co-regulation
The Australian Bankers' Association (ABA) is backing the Federal Government's recommendation of co-regulation as a solution to Future of Financial Advice issues.
"To build confidence and trust in the financial advice industry it is important to move towards higher standards of education and competency for financial advisers," ABA chief executive Steven Münchenberg said.
"We would welcome the establishment of a co-regulatory regime to achieve this. Law and regulation are important, however, like with most professions, industry leadership is needed to drive the professionalisation of the financial advice industry."
Referring to the register of financial advisers Münchenberg also said that integration of a national exam into the framework along with a financial adviser membership would be important.
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