Shorten moves to enshrine "financial planner/adviser"
Minister for Financial Services and Superannuation, Bill Shorten, has released draft legislation which will prevent anyone who is not a qualified financial planner or financial adviser from telling consumers that they are.
"This measure will ensure that only persons authorised to give personal financial advice to retail clients can hold themselves out to be a "financial adviser" and "financial planner" (or use terms of like meaning)," Shorten said in a statement.
The measure will help to protect consumers from "product spruikers" who might hold themselves out to be authorised financial advisers when they are not, according to the statement.
Recommended for you
A former licensee director, who failed to report an adviser’s fee-for-no-service conduct, has been banned for three years by ASIC.
Coastal Advice Group chief executive, Daniel Brown, has said the firm has no intention of slowing down, with plans to do as many as 15 acquisitions in the next 12 months.
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
