Minister for Revenue and Financial Services Kelly O’Dwyer has addressed concerns over uncertainty surrounding the professional standards regime, arguing the relevant body is making progress.
Speaking at the AFA national conference on the Gold Coast on Friday, Ms O’Dwyer listed the creation of the Financial Adviser Standards and Ethics Authority as one of a number of initiatives the government believes will help raise consumer confidence in the financial advice profession.
Ms O’Dwyer also acknowledged concerns that advisers still lack full clarity over the specific educational and professional standards requirements they will need to comply with under the regime.
“FASEA is progressing well,” Ms O’Dwyer said. “The board has been meeting frequently and wants to provide certainty. It understands there needs to be time to comply.”
More broadly she said the new body, which will be headed by former FPA staffer Deen Sanders, is part of the government’s efforts to help the financial advice industry be viewed as a “true profession”.
The minister’s comments follow calls from the AFA for greater clarity on the adviser education standards.
“What we’d like to see is certainty; we have such momentum behind us and advisers, licensees, manufacturers are actually already starting this higher education wave,” the AFA’s Nick Hakes told ifa. “What we can’t do is stall that momentum.”
The regulator has also banned the director of the firm linked to the Mayfair 101 Group from controlling a financial services entity.
The big four bank has confirmed the move today.
Joe Longo has addressed ongoing concerns by the industry.
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