The significant number of Australians who have accessed the Financial Advisers Register since it was launched in March 2015 is a positive sign that it will provide consumers with the relevant and important details of financial advisers so they can make informed choices, the Financial Services Council said today.
More than 100,000 searches have been conducted since the register was launched.
Sally Loane, CEO of the FSC said: ³Australians now have access to information such as advisers¹ training, qualifications and professional association memberships, product areas they can advise on, the ultimate owner of the licensee and the parent company and any bans or disqualifications.²
³The centralised repository of information on advisers is a sensible and practical tool to allow consumers to check the credentials of 22,500 advice providers.²
³It provides an additional security check for consumers,² Ms Loane said.
³Greater transparency and disclosure will help to build trust and confidence in the financial advice industry.²
³This is a positive step in building a profession for the advice industry and in changing the landscape for advice in Australia,² she said.
³We need more Australians to get financial advice. Currently only 20 per cent of the population seeks financial advice.²
³Australians are living longer 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.²
Source: Financial Services Council
