The National Seniors lobby group has welcomed the parliamentary joint committee (PJC) report on adviser standards but has publicly criticised the long transition period recommended.
In a statement issued yesterday, National Seniors chief executive Michael O’Neill said that while he is pleased the PJC has recommended raising educational standards, these tougher standards are needed more immediately than set out in the report.
“Too many older people have trusted financial advisers who are ill-equipped to steer their retirement funds safely towards reasonable returns,” Mr O’Neill said.
“We don’t want to see another Commonwealth Bank scandal. People want to know that their advisers are trustworthy and capable now – not in four years’ time.”
A greater “sense of urgency” is required in order to restore public confidence in the financial advice industry, Mr O’Neill said, adding that the 2019 deadline suggested by the PJC is not conducive to the restoration task.
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