SPAA welcomes Cormann’s register addition plans
The SMSF Professionals' Association of Australia (SPAA) has welcomed the Federal Government's promise that it will include qualifications and professional association membership of financial advisers in the financial planners register.
SPAA CEO and managing director Andrea Slattery said consumers will feel reassured they are getting quality advice only if the register includes all relevant information.
"An obvious benchmark for consumers is knowing what qualifications and professional association membership an adviser has because it's these two areas — education and professionalism — that are the key to quality financial advice," she said.
The backing comes after the Federal Treasury indicated this week the new register of financial planners will not include educational qualifications and professional association membership until March 2014.
The two items will come into force after the amendment of principal regulations.
Slattery said individual accountability of financial advisers, as well as increasing education standards are needed to lift professionalism in financial advice.
"Having the register record educational qualifications and association membership will encourage advisers to improve their qualifications and become professional members of the relevant associations," she said.
AUTHOR
Malavika Santhebennur
Recommended for you
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
In the run-up to heavy losses expected at the end of the financial year, June has already reported consecutive weeks of adviser losses.
ASIC has banned a former NSW adviser from providing advice for 10 years for investing at least $14.8 million into a cryptocurrency-based scam.
ASIC has sent warning notices to social media finfluencers who it suspects are providing unlicensed financial advice to Australians as part of a global crackdown by international regulators.
