The SMSF Professionals’ Association of Australia (SPAA) has thrown its support behind the government’s announcement that the register of financial advisers would include information about the practitioner’s qualifications and any memberships of professional associations.
“It’s reassuring that the Minister for Finance, Senator Mathias Cormann, has reiterated the government’s decision to have the register in place by March 2015 and that it must include advisers’ qualifications and professional association membership,” SPAA chief executive Andrea Slattery said.
“It has always been SPAA’s contention that for a register to fully benefit consumers then they must be able to identify advisers who have the requisite skills and professionalism.”
Slattery said details about the qualifications and professional association memberships of a financial adviser provided a benchmark for consumers and gave them a better indication as to sources of quality advice.
“It’s only when a register includes all the relevant information that consumers will feel confident they are getting the best possible advice,” she explained.
She said improving educational standards and the personal accountability of practitioners were two critical elements in lifting the professionalism of financial advice providers.
“Having the register record educational qualifications and association membership will encourage advisers to improve their qualifications and become professional members of the relevant associations,” she said.
