10 April 2017
Sydney, 10 April 2017: The Australian Bankers’ Association has welcomed today’s announcement of the independent directors responsible for setting higher professional and education qualifications for financial advisers.
“The appointments to the board of the new Financial Adviser Standards and Ethics Authority (FASEA) are an important step on the path to create financial advice as a trusted profession,” ABA Executive Director – Retail Policy Diane Tate said.
“The standards setting body has a good mix of expertise in education and ethics, consumer advocacy, and financial services.
“The financial advice banks and AMP, which represent only around 38 per cent of the financial advice market, are helping to fast-track the introduction of the new professional standards framework by funding the establishment of the standards setting body.
“There is lots that needs to happen to get the new professional standards framework in place; not just by the standards setting body, but by banks and other financial advice businesses and financial advisers.
“The banking industry looks forward to working with FASEA on raising the standards of financial advisers so that Australians can have more trust in financial advice,” Ms Tate said.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
E&OERadio InterviewABC Melbourne with Ali MooreThursday, 30 October 2025. Topics: Crypto ATMs; scams; cash access. Ali Moore (Host): So now there are calls to ban the ATMs to try and end the scams. Simon Birmingham is the CEO of the Australian Banking Association. Simon, hello, Simon Birmingham (Guest): Hello Ali, great to be with you… Read more »
The ABA welcomes APRA’s proposals to make the internal ratings-based (IRB) accreditation process simpler and more transparent, giving mid-sized banks a competitive boost. ABA CEO Simon Birmingham said the changes would support competition and deliver better outcomes for customers. “This is a practical and sensible pro‑competition step from APRA,” Mr Birmingham said. “When fully implemented,… Read more »
E&OEInterview on Sky News with Cheng Lei Cheng Lei: Australian banks closed 155 branches over the last year, but the rate of closures has slowed. For the implications, let’s bring in Australian Banking Association Chief Executive and former Liberal Minister Simon Birmingham. Mr Birmingham, welcome to the show – great to talk to you in… Read more »