The Association of Financial Advisers (AFA) welcomes confirmation from the government that professional standards legislation will progress later this year.
Commenting on the release yesterday from the Minister for Revenue and Financial Services Kelly O’Dwyer, AFA Chief Executive Brad Fox said the governments confirmation that legislation will progress this year is good news for Australia’s financial advisers and consumers needing financial advice.
“The future uptake of financial advice will be supported by this important industry reform. Many Australians remain confused or uninformed about what a financial adviser can do for them and their lifestyle and this legislation will help with that. Financial advice is taking another step toward becoming a widely recognised and appreciated profession,” Mr Fox said.
The AFA will continue to be an active participant in the shaping of these reforms as has been the case throughout the last year or so. It has every confidence that the Government and the independent Standards Body will work effectively towards higher standards for Advisers and better outcomes for consumers.
“We will continue to seek sensible transition pathways such as the Fellow Chartered Financial Practitioner (FChFP) designation for existing advisers but it is important for all advisers to take note of the key transition dates and start early in upgrading their qualifications,” said Mr Fox.
“Balancing time and commitments to family and clients, running a practice, normal professional development activity and studying makes for a full workload and starting as soon as possible will support keeping things in balance.”
