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
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”