AFA supports enhanced register of financial advisers

The Association of Financial Advisers (AFA) has supported today’s announcement by the Government on the establishment of an enhanced register of financial advisers, saying that it is another step forward in enhancing consumer confidence in financial advice.

AFA National President, Deborah Kent, said the register is in line with the AFA’s strategy of providing great advice to more Australians; will better equip consumers to choose a professional financial adviser and will provide them with increased confidence to make this important decision.

“The register is a great outcome for consumers. It is a necessary tool that can be easily accessed and relied upon as a source of information on the qualifications and experience of their financial adviser,” she said. “We applaud the prompt turn-around time announced by the Government this morning.”

Ms Kent said the inclusion of an adviser’s professional membership and qualifications on the register is a positive move. “Consumers will now be able to recognize the importance of professional membership of an association like the AFA, and understand that our members are accountable to the AFA Code of Conduct. This will enhance confidence that the adviser is working in their best interests.”

The register also recognises the different paths to professional development taken by many advisers, including the AFA’s Fellow Chartered Financial Practitioner or Chartered Life Practitioner. “We strongly support where the Government has landed on this issue,” Ms Kent said.