BT Financial Group has released a guidance document outlining what it sees as the significance of the enshrinement of the terms ‘financial planner’ and ‘financial adviser’, following the successful passage of the Bill through the parliament’s lower house.
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.”
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