Unique identifier proposed for planners
Financial planners may be required to have carry a unique identifier as part of enhancements being considered by the Australian Securities and Investments Commission (ASIC) for the financial advice register.
Senior ASIC executives have acknowledged to a Parliamentary Committee that the use of a unique identifier for financial planners is something which can be considered for the register in a move which would see consumers conducting simple name searches.
The use of the unique identifier was proposed to ASIC by West Australian Labor Senator, Matt Keogh who expressed concern that financial planners could have multiple registrations on the register which made it difficult for consumers to specifically identify them.
"There are many examples in the register where you would have the same person with different information recorded — the same name and the same date of birth but different information recorded. So if the consumer says, ‘Oh well, this person is registered here, and I will look at that record,' and the other information does not come up," he said.
ASIC deputy chairman, Peter Kell acknowledged the senator's concern and pointed out that the register was relatively new and that the regulator was looking at potential improvements.
He said those improvements might include the use of an identifier and, possibly, the inclusion of whether the planner had a Financial Ombudsman Service finding against them.
Kell noted the popularity of the register, noting that as at around November it had been the subject of 1.2 million searches.
Recommended for you
The corporate regulator has cancelled the AFSL of a Perth advice firm with the firm having previously seen its licence temporarily suspended in 2020.
Having proposed changes earlier this year, ASIC has clarified how it will support licensees with additional relief under the reportable situations regime.
AMP has partnered with BlackRock and research house Lonsec to provide a model portfolio capability on its North platform that offers “portfolio customisation at scale” to advice practices of all sizes.
Money Management rounds up actions ASIC took against advice individuals in the first half for FY25 from exam falsifications to dishonest conduct.
