The SMSF Professionals’ Association of Australia (SPAA) has endorsed the federal government’s decision to set up an enhanced public register of financial advisers.
The professional body said the initiative, which was announced by Finance Minister Mathias Cormann last week, would give consumers the opportunity to be more informed about their wealth management advice choices.
“This register will assist in uncovering those ‘pop-up’ advisers who are involved in sharp practices where they move from licensee to licensee within a short time frame without any true commitment to unsuspecting clients,” SPAA chief executive Andrea Slattery said.
“It demonstrates that the government has taken notice of the recommendations of the Senate Economics Committee and the observations of the Financial Services Inquiry to raise the standard of advisers’ advice to ensure there is an improvement in their professional competencies.
“SPAA has been an advocate in improving professionalism in financial services and SMSFs and looks forward to the development of a high-quality and meaningful register.
“We trust that the register will provide useful information that is easy for consumers to understand and access.”
In relation to the Future of Financial Advice reforms passed in the Senate last week, she said she hoped it would increase the professionalism and transparency of the financial advice industry and put an end to the confusion and disruption that had been associated with the process.
She said SPAA would continue to monitor ongoing government action in that area to ensure the provision of financial advice in some sectors of the financial services industry was not made to be too difficult.
