Cormann to consult industry on adviser register

In a statement issued just now, Senator Cormann said the government is swiftly progressing its commitment to establish an “enhanced public register of financial advisers”, as agreed to in negotiations with the Palmer United Party ahead of Labor’s failed FOFA disallowance motion.

The government will set up a “dedicated industry working group” which will “consult with all relevant stakeholders to develop the best way of setting up this public register”, the statement revealed.

Specifically the working group will assess the scope and content of the adviser register; whether reporting obligations will be placed on advisers, licensees or both; responsibility for provision and input of adviser data; and a range of relevant privacy law issues.

The composition of the industry working group has not been announced, but the statement says it will begin its consultations shortly and provide a report to government by mid-August.