Govt to begin adviser standard consultation
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."
AUTHOR
Staff Writer
Recommended for you
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
