ISA chief David Whiteley said FOFA in its original form, as well as other efforts to raise standards and eliminate conflicts of interest in the advice sector, are welcome but are not a “silver bullet”.
“The reputation of the financial advice industry is in tatters,” Mr Whiteley claimed. “Improved educational standards are important, but iron-clad consumer protections that remove conflicts of interest are the foundation for community trust.
“The efforts of the industry to address educational requirements, while lobbying for a ‘claytons’ best interests duty and the return of sales incentives, is contradictory and will significantly retard achievement of professional status”
AIST chief executive Tom Garcia seconded the call to introduce a formal ethics component of financial planning educational courses.
“We need to move with the times and incorporate solid ethics and conduct training in line with other industries such as law and medicine.
“Financial planners are providing a service that is just as important – the requirements of the industry should reflect that.”
Both organisations say they support a degree minimum standard for advisers.
I agree standards could be improved, and would observe that David and Tom might each themselves benefit from lessons in tact and perspective. I would further opine that perhaps CBUS, MTAA and some trade union related trustees of various other industry super funds could be held to the same ethical standards.
Qutoe Tom Garcia We need to move with the times and incorporate solid ethics and conduct training in line with other industries such as law and medicine.”
Give us a break!! Ethics training for Lawyers….most obviously failed that subject. Ever been to court??
Let not start on the Medical fraternity referring people for tests and procedures and acquaintances, colleges for questionable reasons paid for in the main out of the public purse. Ever seen a Doctors eyes light up when you mention Private health Insurance.
Blah Blah Blah….David Whitely…Blah Blah…needs education on the meaning of hypocrisy. The unrelenting desperation from these people knows no bounds. ISA still the biggest source of new clients to our practice. Just this week it is 4 ISA clients our way. With horrible service, sub standard offerings, its all a bit easy really. God bless them.
Do I really need to read drivel spewed from the toxic mouth of David Whitely?
The continued reporting of this out-of-touch individual is growing tiresome.
speaking of Ethics and the AIST I presume this announcement was made from Uluru where they are having an annual conference NOT paid for by the attendees and wined and dined by the funds management industry? interesting view of ethics without a mirror.
Yeah we know….it’s all about financial adviser lack of ethics, everyone else is clean.