Independent body to support uptake of advice



The future uptake of financial advice will be supported by the announced legislation for an independent body to set higher professional standards, the Association of Financial Advisers (AFA) believes.
The association's chief executive, Brad Fox, said the legislation was good news for Australia's financial advisers and consumers needing financial advice.
"Many Australians remain confused or uninformed about what a financial adviser can do for them and their lifestyle and this legislation will help with that," he said.
"Financial advice is taking another step toward becoming a widely recognised and appreciated profession."
Fox said that it was important for all advisers to take note of the key transition dates and start early in upgrading their qualifications.
"Balancing time and commitments to family and clients, running a practice, normal professional development activity and studying makes for a full workload and starting as soon as possible will support keeping things in balance," Fox said.
Recommended for you
Results are out for the latest sitting of the ASIC financial advice exam, with the pass rate falling for the second consecutive sitting.
Adviser losses for the end of June have come in 143 per cent higher than the same period last year, and bring the total June loss to over 350.
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.