The Financial Services Council strongly supports the Register of Financial Advisers announced today by the Government. The register has significantly expanded the initial proposal to include details on financial advisers and their employers which has not previously been available.
John Brogden, CEO of the FSC said: “The Government is delivering on its commitment to increase information to consumers about financial advisers.”
“The register will provide consumers with the relevant and important details of financial advisers so they can make informed choices.”
“It is critical that consumers know as much as they can about the adviser they are considering engaging. We are pleased that the register will disclose the ultimate owner of the licensee and the parent company. This will ensure full transparency,” Mr Brogden said.
“Consumers will also be able to use the register to find out if an adviser has been subjected to bans, disqualifications or enforceable undertakings.”
Mr Brogden also said: “Greater transparency and disclosure will help to build trust and confidence in the financial advice industry.”
“We need more Australians to get financial advice. Currently only 20 per cent of the population seeks financial advice,” he said.
“Australians are living longer than ever before and they need to know that the savings and investments they make will sustain them throughout their lives. Good financial advice will help to achieve this.”
“Significantly improved adviser education, increased ASIC powers and greater disclosure of experience and ownership are needed to increase public confidence in financial advice,” Mr Brogden said.
“The register is an important service to consumers which the industry will be pleased to fund.”
