Register of financial advisers welcomed
Moves by the Federal Government to introduce an enhanced register of financial advisers are being backed by the Financial Planning Association (FPA) and the Financial Services Council (FSC).
The Minister for Finance and Acting Assistant Treasurer, Senator Mathias Cormann, announced the Government' s commitment to establishing the public register in the Senate earlier this week.
Today, Senator Cormann said a dedicated industry group by mid-August that would consult with "all relevant stakeholders" to develop and set up the register.
"Our goal remains to ensure that we have a robust but efficient financial services regulatory system, which is competitively neutral so that people saving for their retirement or managing financial risks through life can access high quality advice they can trust and which is also," he said.
"This is also why the Government will work with all relevant stakeholders on efficient and effective ways to continue lifting professional, ethical and educational standards across the financial advice industry.
FPA chief executive, Mark Rantall, described the announcement as a "big step in the right direction".
"An appropriate register will provide protection for consumers, enabling them to easily identify all licensed financial planners who have an agreed set of credentials," he said.
The register will also help weed out bad apples and provide protection for licensees, employers and ultimately the consumer.
"When you go to a financial planner you have the right to know you can trust the person you choose."
While FSC chief executive, John Brogden said it was "a sensible and practical move" that would benefit consumers.
"This will provide an additional security check for consumers. We look forward to working with the industry group on the development and implementation of this important measure," Brogden said.
"The improved FoFA regime will allow more accessible and affordable quality advice to millions more Australians whilst maintaining the highest level of consumer protection in the world."
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