Enhanced financial planners register seen favourably by SPAA

SPAA is encouraged by the Government’s move to improve professional standards in the financial planning and retirement sectors, says the SMSF Professionals’ Association of Australia (SPAA) CEO Andrea Slattery.

She says the amendments, which the Senate passed on 15 July, is another step along a long path that will hopefully settle the turmoil and confusion of the past few years around the FoFA reforms and result in a more professional, transparent and knowledgeable advice community.

“We will keep a watching brief on all developments as they relate to the Government’s amendments to ensure practices do not develop that distort the provision of advice and make it more difficult for some sectors in the financial planning industry.”

SPAA has always advocated for increased competencies and professionalism in advice. As such the Government’s decision to establish an enhanced public register of financial advisers, announced by the Finance Minister Senator Mathias Cormann yesterday, also has SPAA’s endorsement as it will allow consumers to be more informed about their choices.

“This register will assist in uncovering those ‘pop up’ advisers who are involved in sharp practices where they move from licensee to licensee within a short time frame without any true commitment to unsuspecting clients.

“It demonstrates that the government has taken notice of the recommendations of the Senate Economics Committee and the observations of the Financial Service Inquiry to raise the standard of advisors’ advice to ensure there is an improvement in their professional competencies.

“SPAA has been an advocate in improving professionalism in financial services and SMSFs and looks forward to the development of a high quality and meaningful register.  We trust that the register will provide useful information that is easy for consumers to understand and access,” she says.