Alignment of associations to boost consumer confidence

Financial services organisations should work together to rebuilding consumer confidence in the planning sector, according to the Financial Services Institute of Australasia (Finsia).

Finsia chief executive, Russel Thomas said no one association had all the answers to improving trust and confidence in the advice industry follow the recent criticism planners have faced in the mainstream media.

"A marketplace of choice for professional associations in this area is good for consumers, professionals and financial institutions," he said.

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"It is now time to improve the alignment of associations across the sector to focus on the improvement of consumer outcomes."

Thomas back recommendations made by the Financial System Inquiry (FSI) and the recent Parliamentary Joint Committee (PJC) on Corporations and Financial Services Inquiry, saying industry associations, financial institutions, regulators and the Government all had a role to play in improving the standard of advice provided by planners.

"Finsia supports the genuine desire among financial institutions to address the serious concerns that have been raised about the quality of financial advice and products", he said.

"We particularly support the PJC report's recommendation that an independent council be established to monitor a national exam, and the FSI's call for a targeted and principles-based obligation for product issuers and distributors."

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