Powered by MOMENTUM MEDIA
subscribe to our newsletter

Banks committed to financial advice reforms

The banking industry has put its support behind the federal government’s drive to professionalise the financial advice industry.

The Australian Bankers’ Association (ABA) said it will support the main elements of the government’s recommendations, which include a new minimum entry qualification and a new mandatory exam which they will have to pass before becoming registered.

The other recommendations include a new professional year requirement for new financial advisers, an enhanced CDP program and a new mandatory requirement to be a member of a recognised professional association.

ABA chief executive Steven Münchenberg said the banking industry supports a co-regulatory model and an independent standards setting body to monitor the higher education and professional standards of financial advisers.

“To help drive professionalisation, and working with the government, the major banks are willing to contribute funding to support the establishment and initial operating expenses of the new independent body,” he said.

Advertisement
Advertisement

PROMOTED CONTENT


“This will allow the financial advice industry and government to move quickly on the design and [implement] new industry-wide standards as proposed by the government in its consultation paper.”

Mr Münchenberg said the ABA will continue to work constructively with the government and other stakeholders on implementing a new model.

“Banks support delivering additional reforms which build on the Future of Financial Advice platform of improved consumer protections, raising education and competency standards of financial advisers, and driving the professionalisation of the financial advice industry,” he said.

Banks committed to financial advice reforms
mortgagebusiness

Latest News

Banks, mortgage brokers and lenders could receive sizeably larger bills for ASIC’s industry levies come January 2022. ...

Brisbane digital non-bank lender WLTH is set to open a $15-million capital raise, while signalling plans to drive its next scale-up phase an...

The major bank has agreed to provide a sustainability-linked loan to a Queensland beef producer in a “first” for the agriculture industr...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.