Adviser registry start date and funding model confirmed
The Federal Government has set a date for the rollout of its public adviser registry, which licensees will fund via increased lodgement fees up to $44.
The registry should be up and running by March 2015, according to Minister for Finance, Mathias Cormann, who confirmed it will elucidate vertical integration with details of the planner's licensee and its parent company.
Cormann said the register would allow employers, the Australian Securities and Investments Commission (ASIC) and consumers to confirm the credentials of advisers.
The register will reportedly cost around $5 million to set up and will be wholly funded by increasing the current Australian Securities and Investments Commission (ASIC) lodgement fee for Australian Financial Services licensees by $5 to $44.
"The Government believes cost recovery is an appropriate method to finance this important transparency reform," Cormann's statement said.
Advisers' name, registration number, status, experience, qualifications, professional association membership and previous employment will be included on the form.
It will also include details of any bans, disqualifications or enforceable undertaking, as well as well as pointing out relationships between the licensee and its parent company, if applicable.
The Financial Services Council (FSC) applauded the announcement and said hopefully the move will encourage a broader range of Australians to access advice.
“It is critical that consumers know as much as they can about the adviser they are considering engaging,” FSC CEO John Brogden said.
“We are pleased that the register will disclose the ultimate owner of the licensee and the parent company. This will ensure full transparency.”
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