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.
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Australian banks are ready to help customers in Western Australia who are rebuilding after the destruction inflicted by Tropical Cyclone Seroja. Communities in WA’s mid-west were devastated by the cyclone last week, when it crossed the coast near the town of Kalbarri. Geraldton, Northampton, Binnu, Chapman Valley, Mingenew and a number of other towns were… Read more »
Australian banks are launching updated guidelines on financial abuse as part of their continued focus on responding to family violence and elder abuse.
Australian banks are urging state and territory governments to adopt consistent laws on powers of attorney to prevent elder financial abuse.