The government’s slated public register of financial advisers will help “weed out bad apples” in the industry and provide protection for consumers, according to the FPA.
FPA chief executive Mark Rantall said the association supports the establishment of the adviser register, agreed to by the government as part of negotiations with the Palmer United party.
“An appropriate register will provide protection for consumers, enabling them to easily identify all licensed financial planners who have an agreed set of credentials,” Mr Rantall said.
“The register will also help weed out bad apples and provide protection for licensees, employers and ultimately the consumer.
“When you go to a financial planner you have the right to know you can trust the person you choose. This is a big step in the right direction.”
Mr Rantall said the decision to create a public register is in line with the direction the FPA advocates in its recently released 10 Point Plan.
In addition, FPA general manager, policy and conduct, Dante De Gori, took to Twitter to outline the importance of an adviser register, particularly in giving the public enhanced details on the planning community.
“An adviser register should include who they are, who they work for, their work history, qualifications & membership of prof [sic] body,” Mr De Gori said on the social media platform.
“A register will finally provide a complete list of every individual financial planner in Australia.
“This should not be underestimated.”
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