New education standards good news for customers

The Australian Banking Association welcomes the work of the Federal Government and the Financial Adviser Standards and Ethics Authority with the release of proposed guidelines on education standards for financial advisers.

Australia’s banks have recognised the issues in the sector and supported financial advisers to redefine themselves as a well-regulated profession, guided by principles of respect, trust and responsibility.

The draft guidelines are an important step for the emerging profession as it seeks to lift the quality of advice and rebuild trust with the Australian public.

Rigorous training for financial advisers is strongly supported by Australia’s banks which have been working with the Federal Government on this issue over the past three years.

It is important not just for current members of the profession but also for those looking to make financial planning a career to properly understand the pathways into the sector.

The ABA looks forward to taking part in the consultation process on the draft guidelines in the coming weeks.

ENDS
Contact: Rory Grant 0475 741 007