Treasury mulls AFSL ownership disclosure
The government will seek consultation on whether licensee ownership information should be included on the proposed adviser register.
The official agenda for tomorrow’s second meeting of the industry working group – seen by ifa – reveals Treasury is giving serious consideration to the push to clearly distinguish between institutional alignment and independence on the slated register of advisers
The document reveals that members of the working group – made up of a wide range of lobbyists and representatives from across financial services – will be asked whether they agree to the proposition that specific information about licence ownership be omitted, and whether they believe the issue should be “re-examined in the medium-term”.
It also summarises that “members who do not support inclusion of this information suggest that this issue is a disclosure issue which should not be addressed in discussions concerning the implementation of a register; query how information of an adviser’s independence could be listed on the register in practice; and query whether this type of information goes to the selection of an adviser rather than validation of an adviser”.
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