The Assistant Treasurer has confirmed he will consult all relevant stakeholders in the advice sector before putting into place any recommendations around adviser standards and regulation from the Parliamentary Joint Committee.
In a statement released today, Josh Frydenberg said he will consult the industry on issues like appropriate transition timetables, between now and the end of June this year.
He said the Government will consider information provided to the Committee as part of its response to the Financial System Inquiry.
Frydenberg said the committee's report "makes it clear that the current regulatory arrangements dealing with training of financial advisers are no longer sufficient to adequately protect consumers and maintain public confidence in the industry".
"It is now time to capitalise on positive industry momentum and put in place an enduring framework to improve the qualifications and competence of financial advisers, and to enhance the financial advice industry's professional standards and ethics."