
The Commonwealth Bank of Australia has called for a number of reforms providing additional scrutiny of the financial advice industry, including a US-style passport scheme.
Specifically, the submission backs ASIC’s suggestions to ensure “requirements for entry into the industry and becoming licensed to provide financial advice are appropriate” as well as supporting the call for ASIC to maintain a register of financial planners.
The bank also called for “the introduction in Australia of a financial planner passport scheme similar to the one operating in the United States”.
The passport scheme should be “administered by ASIC and funded by industry” the submission states.
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