Intra-fund advice should be extended: ING

ING has called for superannuation intra-fund advice to be extended to financial planners in its submission to the Parliamentary Joint Committee on Corporations and Financial Services.

The group argued that doing so would make the legal requirements around financial advice disclosure more cost effective for both clients and advisers.

Meanwhile, the group also argued the minimum licensing requirements for AFSL holders should be strengthened to ensure licensees have the necessary skill and ability to provide financial products and services. Such a move could consider whether licensees should have appropriate capital backing.

ING also called for the establishment of a professional financial advice body, recognised by the Government, to monitor and accredit advisers’ professional standards.

ING said that the education standards of advisers could be raised through such an organisation, by monitoring and elevating professional standards on an ongoing basis.

Such an organisation should be empowered to expel members who do not meet its benchmark for competence and conduct. Only members of the organisation should be able to call themselves financial planners, the submission said.