True professionalism will eliminate bad apples
Becoming a true profession will help the financial planning industry get rid of its bad apples, according to Perpetual chief executive Geoff Lloyd.
Speaking during a panel session at the Financial Services Council (FSC) annual conference, Lloyd said the reality had been that there were more than a few bad apples in the planning industry.
However he said that the position had improved in recent years as the focus had shifted to the creation of planning as a true profession.
"There are bad apples but a true profession raises the bar along the way to get rid of those bad apples," he said.
Count Financial chief executive David Lane said that while he agreed with Lloyd, he did not believe regulation alone would serve to eliminate wrong-doers from the industry.
"There will always be bad apples and regulation alone won't change that," he said.
Asked whether there were too many organisations seeking to represent the planning industry, Centrepoint Alliance managing director John de Zwart said that notwithstanding the proliferation of groups, his company would not be looking to mandate one organisation over another.
"We wouldn't be arguing that all our planners be members of a particular industry group," he said. "We would not be in the business of mandating one group over another."
AUTHOR
Mike Taylor
Recommended for you
The month of April enjoyed four back-to-back weeks of growth in financial adviser numbers, with this past week seeing a net rise of five.
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With the election taking place on Saturday (3 May), Adviser Ratings examines how the two major parties could shape the advice industry in the future.
