Advisers with association membership will benefit from the government’s planned public register of financial advisers, according to the AFA.
AFA chief executive Brad Fox said the creation of a register will allow consumers to view details of an adviser’s professional designations, providing an “important point of difference” for those who join associations.
“We believe that a member of the public looking at this register will want to see the qualifications held by the adviser including any designations they may have such as the AFA’s Fellow Chartered Financial Practitioner (FChFP) or Chartered Life Practitioner (ChLP), as well as their AFA membership, meaning they are therefore accountable to the AFA Code of Ethics,” Mr Fox said.
“In this way, the consumer gains added assurance their adviser is acting professionally, and advisers will see further benefit from joining the AFA.
“Professional association membership is an obvious and important point of difference,” he added.
While details on the content provided through the register have not been made public, Mr Fox said the AFA expects that professional designations and memberships held by advisers will be included.
He added that the AFA supports the creation of the register as an “excellent step forward” in helping protect consumers.
“We have seen examples where unqualified people have held themselves out to be a financial adviser,” Mr Fox said
“Only people with appropriate qualifications, experience and legal authority will be on the register. This will increase the protection available to consumers.”
Magellan wrapped up a tumultuous year with a 9 per cent drop in average funds under management.
With more still to come.
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