According to the document, the enshrinement of the terms in corporations law would mean that “financial advisers and financial planners will need to be appropriately qualified and authorised” and will “now need to earn their titles”.
It said that enshrinement will mean it is easier for consumers to distinguish between financial advisers and others who “give financial advice without having the required qualifications or professional industry association”.
BT general manager of advice Mark Spiers welcomed the move, saying it will have broad industry benefits.
“It’s a great step towards better consumer outcomes and this should always be our ultimate goal,” said Spiers.
“Putting clients at the centre of everything we do must therefore be a guiding principle in the industry’s quest for professionalism.”
Gerry-totally agree BUT this is the first step. Maybe the professional associations and dealer groups can set up a slush fund and promote what is and what is not an adviser. Education via the media will go a long way. It might even help business along.
It all sounds great, but still unlicensed spruikers can call themselves financial consultants, wealth advisers, investment experts etc etc. it’s a very diverse industry…it’s not black n white like other professions.
Of course the other problem is, professionalism can often mean expensive. The people who can least afford to get conned will still get conned by the unlicensed sales person. ASIC needs to set up a “dob in a spruiker” hotline and actually take the call instead of waiting for a disaster first.