SMSFA, CBA back education reforms

SMSFA head of policy Jordan George said improving the educational and ethical standards of advisers has been a long-term policy for the organisation. 

“Having financial advisors who meet rigorous standards and have completed relevant education courses is crucial to ensuring consumers receive the best quality financial advice,” he said.

“This is especially important with the increasing demand for financial advice from the baby boomer generation who are approaching or entering retirement.

“We look forward to working with the new independent standards setting body to develop improved educational standards for the financial advice industry.”

Mr George added that a priority of the SMSFA will be ensuring advisers who provide SMSF advice have the educational qualifications to do so.

Meanwhile, CBA said it is committed to lifting consumer trust and confidence.

“In 2014, we raised education standards across CBA’s advice businesses for our advisers and led the industry in extending this to all licensee staff in supervision and monitoring roles,” the bank said.

“We also mandated membership of a relevant financial services industry association as a minimum standard for all advisers and relevant licensee staff.”