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New register of financial advisers welcome

New register of financial advisers welcome
The Australian Bankers’ Association (ABA) today welcomed the announcement by the Minister for Finance and Acting Assistant Treasurer, Mathias Cormann, of an industry-wide public register of financial advisers.

Diane Tate, Acting Chief Executive Officer of the ABA, said this was an important initiative in ensuring consumers can find and choose a financial adviser that suits their needs.

“We have advocated to the Federal Government and consumer representatives for this register and believe it will provide consumers with the information they need to be confident in the financial advice they seek and receive.

“The financial adviser register will improve transparency and strengthen the quality of data available to consumers about financial advisers, including their status in the industry, their qualifications and experience, what they are authorised to provide advice on, who they work for and the ultimate owner of their advice business.

“The register will be user-friendly with quick, simple and easy-to-use search functionality and disclose meaningful data.

“The register is an important step in a program of measures to enhance transparency and raise professional standards in the financial advice industry.  

“The banking industry has been working with the Government to assist with the development of the register and will continue to support this initiative through implementation.

“Banks recognise the need for industry to drive change and are strongly committed to improving the quality, availability and affordability of financial advice and building confidence and trust in financial advice,” Ms Tate said

For further information:
David Lording
Phone: 02 9231 5411, Mobile: 0419 683 411   
Nic Frankham, ABA Director, Communications and Government Relations
Phone: 02 8298 0423, Mobile: 0435 963 913   @austbankers

 

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