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.
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“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.