The Assistant Treasurer, Josh Frydenberg, has stated he is pleased by the unanimous view taken by the financial services sector in seeking to raise the professional, ethical and education standards of financial advisers.
His comments follow a meeting with 19 representative groups as part on an industry roundtable tackling the model proposed by the Parliamentary Joint Committee on Corporations and Financial Services tasked with looking into the issue.
In a statement Frydenberg said all the participants of the roundtable, which included the Association of Financial Advisers, Financial Planning Association, Financial Services Council and Industry Super Australia, were unanimous in their view of the need to lift industry standards.
“There was strong agreement that the focus of reform should be on the consumer, and that rebuilding consumer confidence in the financial advice industry is paramount,” Frydenberg said.
“I was especially pleased to see the level of consensus that is building around many elements of the PJC model, and acknowledge the important feedback I received about how the model could be adapted to work best in practice.”
He also stated that the 19 groups emphasised the need for sensible transitional mechanisms, sustainable funding for any changes and achieving enduring reform from any steps taken.
Industry submissions on the PJC model, which was released in March, close on 7 May with consultation with industry set to continue till the end of June.
The groups which participated in the round table held on April 29 are:
- Association of Financial Advisers
- Association of Superannuation Funds of Australia
- Australian Bankers’ Association
- Australian Business Deans Council
- Australian Financial Markets Association
- Australian Institute of Superannuation Trustees
- Australian Securities and Investments Commission
- Chartered Accountants Australia and New Zealand
- CHOICE
- Customer Owned Banking Association
- Financial Planning Association of Australia
- Financial Planning Education Council
- Financial Services Council
- Industry Super Australia
- National Insurance Brokers Association
- Professional Standards Council
- SMSF Association
- Stockbrokers Association of Australia
- Superannuation Consumers’ Centre
