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
Anna Bligh: This new framework is a comprehensive approach to the terrible scourge of scams. This will mean that every single part of the scam chain where scammers try to take the hard earned money of Australians will now have to play a role in preventing scams, detecting them and keeping Australians safe. Journalist: I… Read more »
Banks welcome the release of draft legislation to establish a new Scam Prevention Framework to better protect consumers and drive scammers out of Australia. ABA CEO Anna Bligh said winning the war against scammers will only be possible through a collective effort across the entire scams chain, including from government, banks, telcos and social media… Read more »
Craig Reucassel (Host): It’s also there was a bit of an inquiry into banking in parliament last week, NAB boss Andrew Irvine complained that he’d paid a 10 per cent surcharge when he bought a cup of coffee in Sydney. Surcharging has been outlawed in parts of the United States, Canada, Europe and Britain. Is… Read more »