Skip to main content
Financial Assistance Hub

ABA welcomes passage of financial adviser legislation

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

@austbankers

bankers.asn.au

Latest news

1 / 3
Media Releases
Fans urged to watch out for ticket scams ahead of footy finals
28 August 2025

With the AFL and NRL finals about to kick off and demand for tickets set to surge, the Australian Banking Association is warning footy fans to be on the lookout for scammers.  The ABA is issuing this warning during Scams Awareness Week and as tickets for the AFL finals go on sale from today.  … Read more »

Read more
Media Releases
Banks welcome move to bring forward the Home Guarantee Scheme
25 August 2025

The Australian Banking Association (ABA) has welcomed today’s announcement from the Federal Government to bring forward the start of the Home Guarantee Scheme. Under the Guarantee, eligible first home buyers are able to purchase a home with a smaller deposit and avoid paying lenders’ mortgage insurance. ABA CEO Simon Birmingham said it made sense to… Read more »

Read more
Media Releases
AI-powered scams in the sights of banks 
25 August 2025

This Scams Awareness Week, banks are urging Australians to remain alert to emerging scam threats, from criminals using AI to replicate the voice of people you trust through to deepfake videos of celebrities endorsing investment opportunities.    AI scams to be on the lookout for: ABA CEO Simon Birmingham said the ever-increasing use of AI… Read more »

Read more