Adviser register working group revealed

The government’s new industry committee on the proposed register of advisers has held its first meeting, with stakeholders on both sides of the FOFA amendment debate represented.

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by Aleks Vickovich - August 04, 2014 0 comments

Chaired by the general manager of Treasury’s Financial System and Services Division, Meghan Quinn, and ASIC deputy chair Peter Kell, the working group will help the government implement the individual adviser register project agreed to during FOFA amendment negotiations with the Palmer United Party.

An email from Treasury to invited delegates – seen by ifa – reveals that Senator Cormann has sought consultation from representatives of a wide range of sub-sectors and political interest groups within the financial services industry.

The mainstream financial planning associations were well represented at last Thursday’s meeting in Sydney, with the FPA’s Mark Rantall and Dante De Gori taking seats at the table, along with Phil Anderson and Natalie Sanchez from the AFA.

Representing the independent and non-aligned sector were Daniel Brammall of the Independent Financial Advisers Association of Australia and Associaton of Independently Owned Financial Professionals executive director Peter Johnston, who recently criticised the lack of a lobbying presence from the non-aligned sector in the previous government’s FOFA consultation.

Accountants and SMSF specialists also had a strong presence, with the SMSF Professionals' Association of Australia's Andrea Slattery, Andrew Conway of the Institute of Public Accountants, Keddie Waller of CPA Australia and Hugh Elvy of the Institute of Chartered Accountants taking part.

Other finance sector lobby groups such as the Financial Services Council, Australian Bankers Association and the Stockbrokers Association of Australia were represented, along with academics Dr Mark Brimble and Dr Deen Sanders.

Representatives of consumer advocacy group Choice and the industry super fund movement were also invited to take part in the working group, indicating the government is extending a hand even to those who have publicly opposed – and attempted to obfuscate – its financial advice policy agenda.

ifa understands a wide range of issues were discussed, from education standards and professional association membership to the rise of SMSFs, changing patterns of consumerism and institutional ownership of financial planning groups.