SPAA welcomes Cormann’s register addition plans


The SMSF Professionals' Association of Australia (SPAA) has welcomed the Federal Government's promise that it will include qualifications and professional association membership of financial advisers in the financial planners register.
SPAA CEO and managing director Andrea Slattery said consumers will feel reassured they are getting quality advice only if the register includes all relevant information.
"An obvious benchmark for consumers is knowing what qualifications and professional association membership an adviser has because it's these two areas — education and professionalism — that are the key to quality financial advice," she said.
The backing comes after the Federal Treasury indicated this week the new register of financial planners will not include educational qualifications and professional association membership until March 2014.
The two items will come into force after the amendment of principal regulations.
Slattery said individual accountability of financial advisers, as well as increasing education standards are needed to lift professionalism in financial advice.
"Having the register record educational qualifications and association membership will encourage advisers to improve their qualifications and become professional members of the relevant associations," she said.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.