Minister for Financial Services and Superannuation, Bill Shorten, has released draft legislation which will prevent anyone who is not a qualified financial planner or financial adviser from telling consumers that they are.
"This measure will ensure that only persons authorised to give personal financial advice to retail clients can hold themselves out to be a "financial adviser" and "financial planner" (or use terms of like meaning)," Shorten said in a statement.
The measure will help to protect consumers from "product spruikers" who might hold themselves out to be authorised financial advisers when they are not, according to the statement.
