Klipin calls on Treasury to restrict use of 'financial adviser' term
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The Association of Financial Advisers (AFA) chief Richard Klipin has called on the Treasury to restrict the use of the term ‘financial adviser’ to those who are regulated by the Australian Securities and Investments Commission following the inaccuracy of a media report pointing to corporate regulator raids on financial advisers.
Klipin said there should be transparency around the term and anyone using it should be subject to the same scrutiny and adhere to the same regulatory requirements as financial advisers.
“Those who can’t have not earned the right to call themselves advisers," Kiplin said.
AFA president Jim Taggart said he is offended by the current “witch hunt” of financial advisers.
In the process, the vast majority of advisers who do the right thing have been “willfully” ignored, Taggart said.
He said the adviser community as a whole had been held accountable for the “sins” of a very few.
The vast majority of financial advisers have continued to professionally and competently help their clients during a difficult economic climate, Taggart said.
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