10 February 2017
Sydney, 9 February 2017: The Australian Bankers’ Association has welcomed the passing of legislation in Parliament today to raise the competency and ethical standards of financial advisers.
ABA Chief Executive Steven Münchenberg said: “The banking industry supports the Federal Government’s commitment to improve the quality of financial advice offered to Australians.
“Introducing higher education requirements for financial advisers and a new code of ethics will be important to raise the professionalism of financial advice.
“We look forward to getting on with implementing the reforms, and working with the Government on establishing the new education and ethical standards,” he said.
Mr Münchenberg said banks had already taken steps to ensure their financial advisers adhere to high professional standards.
“A new industry-wide hiring protocol is being implemented so banks can find out a lot more about a financial adviser’s previous conduct history before employing them. This will better identify financial advisers who have not met the industry’s minimum legal and ethical standards,” he said.
More information is available at bankers.asn.au/financial-advice.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
This op-ed was originally published in the Australian Financial Review More rates pain denotes an even greater focus on the fight against inflation. Rightly so. As the Reserve Bank pulls harder on the monetary policy lever to reduce aggregate demand, a proper focus also falls on the role of all governments to do likewise through… Read more »
Banks welcome Treasurer Jim Chalmers’ release today of draft regulations to lift the cap on covered bond issuance, a practical step that would help small and mid-tier banks access cheaper, more stable funding. ABA CEO Simon Birmingham said these changes, including streamlined reporting for smaller banks, are a welcome part of the Government’s broader productivity… Read more »
Banks have welcomed Shadow Treasurer Tim Wilson’s call today for the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) to give more weight to economic growth in their decision making. ABA CEO Simon Birmingham said regulation that supports growth is key to lifting productivity across the economy. “Banks want to… Read more »