21 March 2018
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.
Contact: Rory Grant 0475 741 007
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.