Dealer groups complacent
Nearlya quarter of advisers are unsure what action is necessary to demonstrate they comply with Policy Statement (PS) 146, according to a recent survey on adviser preparedness by training organisation Assessment Education Services (AES).
AES technical director James Ryan says in a survey of 300 advisers from 38 small to medium dealer groups, 22 per cent revealed they did not know what action they needed to take to demonstrate PS 146 competencies.
A further 11 per cent of advisers surveyed were enrolled in semester based studies with results expected in June, a situation which poses a degree of risk in light of the July 1, 2002 deadline for being compliant under the guidelines.
But most worrying of all, according to Ryan, is the 48 per cent of advisers who claimed they currently met PS 146 requirements. While half of these respondents based this on work initiated by their dealer group, the remaining advisers believed, incorrectly, PS 146 compliance requirements consisted of DFP 1, 2 and 5.
The survey results highlight the critical role of dealer groups and the need for them to take action and communicate to their advisers to ensure they meet PS 146 compliance, Ryan says.
AUTHOR
Nicole Szollos
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