The joint parliamentary Committee on Corporations and Financial Services is looking into proposals to “lift the professional, ethical and education standards in the financial services industry”.
This inquiry follows from a recommendation by the Senate Standing Committees on Economics into the performance of ASIC:
The committee recommends that the Parliamentary Joint Committee on Corporations and Financial Services inquire into the various proposals which call for a lifting of professional, ethical and educational standards in the financial services industry.”
The committee also recommended that financial advisers hold, at least, a relevant university degree and have three years’ experience in a fiver year period – in addition to continuing professional development among other requirements.
This investigation by the Parliamentary Committee has received support from the FPA, with the CEO Mark Rantall saying that it will, along with the public register of financial advisers, “help advance the profession of financial planning”.