Abandon term ‘financial planner’ says PJC inquiry report

Parliamentary Joint Committee (PJC) on Corporations and Financial Services: inquiry into proposals to lift the professional, ethical and education standards in the financial services industry The Parliamentary Joint Committee (PJC) on Corporations and Financial Services has recommended protecting the terms ‘financial adviser’ while abandoning the term ‘financial planner’, not requiring the individual licensing of financial advisers and setting a bachelor degree as the minimum education level for advisers.

These recommendations, among others, are contained in the report of the PJC inquiry into proposals to lift the professional, ethical and education standards in the financial services industry. Read more...

Protect terms ‘financial planner’ & ‘financial adviser’, says FPA

Protect terms 'financial planner' & 'financial adviser'The FPA has told the Parliamentary Joint Inquiry into proposals to lift the professional, ethical and education standards of the financial services industry that the terms ‘financial planner’ and ‘financial adviser’ should be protected.

“It is the FPA’s strong belief that to strengthen consumer protection and to reinforce compliance to professional standards, the law must restrict the use of the titles financial planner and financial adviser to only those that are a member of a Regulator / government body recognised professional body,” said the submission. Read more...

Financial advisers education “extremely inadequate”: CHOICE

Financial advisers, Financial Planners education“Current education and qualification requirements for financial advisers are extremely inadequate,” said Choice in a submission to the Parliamentary Joint Committee Inquiry into proposals to lift the professional, ethical and education standards in the financial services industry.

Choice recommends the “immediate establishment of a national exam”, with higher levels of education to be phased-in.

However, “these efforts, while important, will not resolve the systemic issues with financial advice. Increasing qualification standards without addressing structural conflicts will only lead to better educated financial advisers taking advantage of consumers,” said Choice. Read more...

Financial advice industry not on the “path to professionalism”

Financial advice industry professionalism“The current obligations imposed on financial advisers at law do not reflect an industry on the path to professionalism,” according to two superannuation industry bodies.

This was contained in the joint submission by Industry Super Australia (ISA) and the Australian Institute of Superannuation Trustees (AIST) to the Parliamentary Joint Committee on Corporations and Financial Services. This committee is conducting an inquiry into proposals to lift the professional, ethical and education standards in the financial services industry. Read more...

Too late for financial planners to self-regulate: National Seniors

Too late for financial planners to self-regulate“National Seniors believes that it is too late for the [financial planning] sector to self-regulate and that national professional, ethical and educational standards must be developed and set by Government.”

This statement is contained in National Senior’s submission to the Parliamentary Joint Committee Inquiry into proposals to lift the professional, ethical and education standard of financial planners.

“Approximately 70 per cent of National Seniors members with superannuation have obtained professional financial advice on how to invest their superannuation,” said the submission. Read more...