ASIC deputy chair Peter Kell has told the royal commission the corporate regulator does not yet view advice as a profession; however, there are “certainly” professionals in the industry.
Responding to questions from counsel assisting the commission Rowena Orr, Mr Kell said the advice industry is “not yet at a position where we have a profession”, due to a number of factors.
“In ASIC[']s view, it is not yet a profession. There are certainly professionals within the industry, but we do not view the industry as a whole as having reached what would normally be regarded as the standards of a profession at this point in time,” he said.
Mr Kell listed the lack of “standards around competency” and qualifications as one of the key reasons the industry is yet to be viewed as a profession, but added that the current arrangement for professional associations did not meet that of other professions.
“I would also note that we don’t have in this sector a single, if you like, dominant professional association,” he said.
“There are some associations which have taken a more forward looking approach to standards, but we certainly don’t have a professional association of the sort that you get in other sectors such as medicine.”
For live updates on the royal commission, follow the ifa live blog here: https://www.ifa.com.au/strategy/25404-royal-commission-financial-advice-hearings-live-blog
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