The SMSF Professionals' Association of Australia (SPAA) has welcomed the Federal Government's promise that it will include qualifications and professional association membership of financial advisers in the financial planners register.
SPAA CEO and managing director Andrea Slattery said consumers will feel reassured they are getting quality advice only if the register includes all relevant information.
"An obvious benchmark for consumers is knowing what qualifications and professional association membership an adviser has because it's these two areas — education and professionalism — that are the key to quality financial advice," she said.
The backing comes after the Federal Treasury indicated this week the new register of financial planners will not include educational qualifications and professional association membership until March 2014.
The two items will come into force after the amendment of principal regulations.
Slattery said individual accountability of financial advisers, as well as increasing education standards are needed to lift professionalism in financial advice.
"Having the register record educational qualifications and association membership will encourage advisers to improve their qualifications and become professional members of the relevant associations," she said.
