Stockbrokers Association stakes out advice, professionalism
Another representative body has reinforced its coverage of the financial advice space, with the Stockbrokers Association of Australia undertaking a name change to the Stockbrokers and Financial Advisers Association (SAFA) and clearing the way for it to become a code monitoring body under the new Professional Standards regime.
The name change, announced yesterday, was explained by the organisation as reflecting the changed nature of stockbroking in Australia, with SAFA chief executive, Andrew Green suggesting it recognised that some members no longer identified themselves solely as stock brokers.
"Instead, they see themselves as providing holistic financial advice that is broader than equities research," he said.
"Importantly, SAFA will continue to be the home association for those members who identify themselves solely as stockbrokers but it will also be the home association for members who provide financial advice across a broad spectrum of assets including listed and unlisted securities, leveraged investments, superannuation, alternatives, hedge funds, options strategies and ETFs," Green said.
He said that, significantly, the name change also paved the way for SAFA to become a code monitoring body under the Government's new Professional Standards regime, following the introduction of legislation into parliament last week.
Green said that in anticipation of the government's Professional Standards legislation, members resolved at last week's annual general meeting to amend the constitution to allow the association to adopt a Conduct Review and Disciplinary System (CRDS) so that the association could become a Code Monitoring body.
"Should we become a Code Monitoring body, we intend to ensure that every member of the association upholds the highest ethical standards," he said. "Clients who deal with members of the association will be able to do so knowing that this association will be forthright in insisting on ethical behaviour. Where an allegation of misconduct is upheld, after providing a member with due process, membership will be cancelled."
Green said SAFA had also applied to the Tax Practitioners Board (TPB) to become a code monitoring body for members who provide Tax (Financial) Advice pursuant to the Tax Agent Services Act (TASA).
"A significant number of our existing members provide Tax (Financial) Advice. For these members and others who provide Tax (Financial) Advice, it makes sense for us to become a TASA recognised code monitoring body," he said.
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