Co-regulation the way to go for lifting standards
Co-regulation is the best way to improve professional standards in the financial advice industry and help improve customer confidence, the SMSF Association said.
Backing the Parliamentary Joint Committee on Corporations and Financial Services (PJC), SMSF Association chief executive, Andrea Slattery, said co-regulation was the most effective way instead of a compliance-based approach to financial adviser education and ethical standards.
"Those criticising the PJC report's push for greater co-regulation in financial advice are missing the main point," she said.
"We have been a long-time advocate for improving the education and training of financial advisers to deliver better, more specialised advice, especially in the SMSF sector and believe the co-regulatory approach is the best way to achieve the goal."
However, Slattery said the SMSF Association did not totally agree with all the technical elements of the PJC report.
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