Mr Frydenberg yesterday released a paper calling for consultation in an effort to produce an “enduring framework that raises the professional, ethical and education standards of advisers”.
“Financial advisers play a very important role in Australia, helping consumers to plan for their retirement, and to manage the financial risks and opportunities of life,” the assistant treasurer said in a statement announcing the release of the paper.
However, he added that the government is taking seriously the two separate reports that have separately recommended reform – the Financial System Inquiry and the Parliamentary Joint Committee on Corporations and Financial Services inquiry into adviser standards.
“These inquiries make clear that the current regulatory arrangements are no longer sufficient to ensure high-quality consumer outcomes and to maintain public confidence in the industry,” Mr Frydenberg said.
“With the right model, improvements in the qualifications, competence and ethics of the financial advice industry will be a win-win. Industry will benefit from improved consumer confidence and from becoming a recognised profession. Consumers will benefit from increased transparency, accountability and adviser competence.”
To read the consultation paper click here: https://treasury.gov.au/ConsultationsandReviews/Consultations/2015/Lifting-the-standards-in-the-financial-services-industry
Making a submission? editor@ifa.com.au
