After months of consultation, finance minister Mathias Cormann has revealed what the government's register of financial advisers will look like.
In a statement released today, Senator Cormann said the ultimate register has been “informed” by the industry working group consultation meetings and will enable “investors, employers and ASIC to verify the credentials of financial advisers and be confident that they are appropriately qualified and experienced”.
Among a number of details, the register will include a controversial component: “details around ownership of the financial services licensee and disclosure of the ultimate parent company where applicable” as well as any “bans, disqualifications or enforceable undertakings”.
Other details include the adviser's name, registration number, status, and experience;
qualifications and professional association memberships; and which product areas the adviser can provide advice on.
The register will be up and running by March 2015 and will cost around $5 million to set up, funded by a $5 increase, to $44, to the ASIC lodgement fee for licensees.
The announcement is in line with the draft recommendations of the industry working group, reported by ifa in August.
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