ABA responds to financial advice compliance report

Sydney, 17 March 2017: The Australian Bankers’ Association has acknowledged today’s report by the Australian Securities and Investments Commission on financial advice compliance.

ABA Executive Director – Retail Policy Diane Tate said banks were working with government and regulators on wide-ranging reforms to turn financial advice into a trusted profession, and improving compliance measures was an important part of that process.

“ASIC has an important role in undertaking regular reviews of the industry and we are committed to working with ASIC and other stakeholders on the findings of this report.

“Banks support improving transparency and accountability, particularly where those measures improve consumer protection,” she said.

“The industry is driving its own reforms to improve the quality of financial advice. This includes a new industry-wide hiring protocol so banks can find out more about a financial adviser’s previous conduct history.

“We are also providing funding to fast track the establishment of a new standards setting body to strengthen education, ethical and professional standards for financial advisers,” Ms Tate said.

The financial advice reforms are being implemented alongside a series of new industry initiatives to better protect customers and improve the culture in banks.

ENDS

Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913