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Industry bodies welcome enshrinement

The Association of Financial Advisers and Financial Planning Association have welcomed the passage of a Bill enshrining the terms ‘financial planner’ and ‘financial adviser’ as a win for consumers and the industry.

“This piece of legislation has been reviewed by the Parliamentary Joint Committee on Corporations and Financial Services and they supported it,” said AFA chief executive Brad Fox in a statement.

“The AFA continues to believe that the legislation is good for both consumers of financial advice services and for the financial advisers who provide those services.”

FPA general manager policy and conduct Dante De Gori told ifa that “consumers need to have clarity and understanding and this outcome will help support that and the standing of the profession”.

The comments follow passage of the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013: Amendments in the House of Representatives last night.

De Gori said he was “quietly confident” of the Bill’s passage in the upper house. “The House of Reps was the real hurdle and that’s now been passed,” he said.