The Australian Bankers’ Association (ABA) has welcomed the announcement of an industry-wide public register of financial advisers by Mathias Cormann, minister for finance.
Diane Tate, acting chief executive officer of the ABA, said the register was an important initiative in ensuring consumers can find and choose a financial adviser that suits their needs.
“We have advocated to the federal government and consumer representatives for this register and believe it will provide consumers with the information they need to be confident in the financial advice they seek and receive,” Ms Tate said.
“The financial adviser register will improve transparency and strengthen the quality of data available to consumers about financial advisers, including their status in the industry, their qualifications and experience, what they are authorised to provide advice on, who they work for and the ultimate owner of their advice business,” she said.
“The register will be user-friendly with quick, simple and easy-to-use search functionality and disclose meaningful data.”
Ms Tate said the register is an important step in a program of measures to enhance transparency and raise professional standards in the financial advice industry.
“The banking industry has been working with the government to assist with the development of the register and will continue to support this initiative through implementation,” she said.
“Banks recognise the need for industry to drive change and are strongly committed to improving the quality, availability and affordability of financial advice and building confidence and trust in financial advice.”