The time is “absolutely” right for the financial advice industry to start discussing the prospect of individual adviser registration and think pragmatically about what that means according to Financial Planning Association chief executive Dante De Gori.
“The time is right to transition to that,” De Gori said on the side lines at the Professional Planner 2021 Licensee Summit.
“We think that in order to complete the transition of professionalising financial planning as a practice, the registration of individuals is of the utmost importance.”
The FPA has long advocated a switch from the current licensing regime to a system predicated on individual adviser registration.
With the Australian Law Reform Commission indicating it may separate chapter seven from the rest of the Corporations Act, a move which would open the door to a robust analysis of the AFSL system, De Gori says now is the time to think pragmatically about what individual registration might mean for the industry.
“It does create additional obligations on individuals… like ensuring they’re responsible for their own education, their own CPD, and they’re accountable to an independent third party if they fail to meet their obligations,” De Gori said.
“It will require change but if we are to truly take that final step and be seen as a profession we need this.
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