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.
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
