ASIC forms education and training advisory board
A new training and educational advisory body has been established by the Austra-lian Securities and Investments Commission (ASIC).
A new training and educational advisory body has been established by the Austra-lian Securities and Investments Commission (ASIC).
The Training Advisory Committee is made up of seven members, including the Australian Society of CPA’s financial planning consultant Brad Pragnell, and will provide ASIC with guidance on education and training issues within financial services.
Other committee members include chairperson Rosalind Russell (AMP), the Commonwealth Bank’s head of group compliance Sarah Goodman and Joan Fitz-patrick, chief executive officer for the Australian Insurance Institute.
The Financial Planning Association and the Institute of Chartered Accountants do not have a representative on this committee.
The committee will make recommendations in regards to potential training provid-ers across the industry and will seek to ensure the consistency of the syllabuses. It will also advise ASIC “on education and training issues generally associated with the regulation of licensees and authorised representatives”.
The establishment of the committee comes just months after ASIC released the re-sults of its inaugural survey of consumer education standards in financial services. The study, carried out by the Financial Services Consumer Policy Centre for ASIC’s Consumer Advisory Panel (CAP), found that while there was an abun-dance of information covering most areas in the industry, not all of the information was readily available to consumers.
“Producing information is one thing, who you reach is another,” CAP chairperson Barbara Cail said at the time of the study’s release.
Each committee member will serve a one year term.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
