The SMSF Professionals’ Association of Australia (SPAA) has declared its support for the federal government’s decision to create a register of financial advisers.
According to the industry body, the move would assist consumers in finding a financial planner they could trust.
“We support the register on the basis it records advisers who are authorised representatives, as well as employee advisers, and gives consumers ‘meaningful information’ to identify skilled financial advisers,” SPAA chief executive Andrea Slattery said.
“A register should also help ASIC (Australian Securities and Investments Commission) and consumers spot ‘sharp practices’ in situations where unprofessional advisers deliberately move around the financial planning industry with the simple aim of avoiding detection.”
Slattery emphasised the specific information that would be detailed on the register was “critically” important. This includes professional association memberships and designations, such as a SPAA specialist accreditation, relevant qualifications and areas of specialisation.
“It will record those who have specific SMSF knowledge by recognising financial planners who are SPAA specialists and in the top tier of professional SMSF advisers,” she said.
“It is encouraging for the industry to see recognition of qualifications and skills at a level over and above those necessary to meet RG 146, that doesn’t recognise the specialist skills required of a financial adviser providing SMSF advice.”
Finance Minister Mathias Cormann said the register of financial advisers would commence in March 2015.
