Adviser register working group takes shape

The federal government will establish a register of financial advice practitioners under the deal reached with the Palmer United Party, and is now embarking on a consultation process with the financial services industry to determine the scope and parameters of the registration project.

FPA general manager, policy and conduct, Dante De Dori, has confirmed to ifa that the FPA has been invited to take part in the announced working group.

"The FPA welcomes the opportunity to participate in the working group and we look forward to working with government and other stakeholders in the establishment of a national register that will ultimately benefit both consumers and financial advisers," Mr De Gori said. 

AFA chief executive Brad Fox and president Michael Nowak also told ifa they will be taking part in the government’s working group.

Earlier this week, the AFA issued a statement welcoming the adviser register, describing the move as an “excellent step forward” for the industry.

AIOFP executive director Peter Johnston has also been offered a seat at the working group table, proclaiming the invitation as a “historic moment for the independent sector”.

“The significance of this event should not be underestimated,” Mr Johnston said in a communication to members.

“Over the past eight years in particular, the former government chose to ignore the independents. This appointment has finally recognised us as being a serious player in the industry with specific needs.”

Mr Johnston said he would use the position to push for more explicit licence ownership disclosure requirements for institutionally-aligned financial advisers.