Adviser registry to provide cost-efficient transparency

financial-advisers/senator-mathias-cormann/financial-advice-reforms/financial-advice-industry/future-of-financial-advice/government/

26 September 2014
| By Nicholas |
image
image
expand image

The Government's proposed registry of financial advisers will provide transparency without the costs associated with regulation the Minister for Finance and acting Deputy Treasurer, Senator Mathias Cormann believes.

Responding to an allegation by Labor Senator Sam Dastyari, that the Government's Future of Financial Advice reforms were paving the way for the return of "secret sales bonues", Senator Cormann said the regulations would provide a more transparent system going forward.

"We are not bringing back secret sales bonuses, so I reject that entirely," he said.

"All of us agree that we need to keep lifting professional, ethical and educational standards across the financial advice industry -- of course. 

"The question right now that is before us is on how best to keep going down that path.

"From my point of view I think we need to do it in a way that delivers genuine improvements in the most efficient way possible so that we do not keep pushing up the cost of advice for people across Australia that are saving for their retirement, because the costs of whatever regulation we put in place comes out of people's retirement savings, ultimately. 

"Right now, as a result of our agreement with the Palmer United Party and Senator Muir from the Australian Motoring Enthusiast Party and supported by Family First and the Liberal Democrats, we are progressing an enhanced public register of financial advisers which will provide transparent information about financial advisers' credentials, education and status in the industry." 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS