ABA highlights importance of financial adviser register
In the lead up to the introduction of a public financial adviser register the Australian Bankers' Association (ABA) has said it will increase transparency, protection, and confidence for consumers.
The register that was announced by the Government in July 2014 will be implemented at the end of next month, and aims to provide details of all Australian financial advisers. It will verify that the adviser is authorised to provide advice and will increase accessibility to new financial advisers, ABA executive director - Retail Policy, Diane Tate, said.
"It will help consumers to validate that their financial adviser is licensed, authorised and appropriately qualified to provide personal advice on investment products," she said.
"The banking industry is implementing robust processes to provide accurate information on the register and we note the important penalty provisions for providing false information set out in the regulations."
The Government committed to establishing the register as part of its deal to win the support of Clive Palmer's Palmer United Party Senators, and Senator Ricky Muir of the Australina Motoring Enthusiast Party, to support its Future of Financial Advice refroms, which were disallowed by the Senate in November, after Senator Jacqui Lambie and Senator Muir withdrew their support for the regulations.
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