The SMSF Association has endorsed the government’s appointment of Catherine Walter as chair of the newly created Financial Adviser Standards and Ethics Committee (FASEA).
Minister for Revenue and Financial Services Kelly O’Dwyer this morning made the announcement of Walter’s appointment to the position that will see her lead the diverse group of committee members aiming to improve the professionalism of the financial services sector for the next four years.
Walter is currently a director of the Reserve Bank of Australia Payment’s Systems Board and a director of the Australian Foundation Investment Company. Previously she has held board positions with organisations such as the Australian Securities Exchange, NAB, and the Financial Services Council.
The appointment of the other eight members of the FASEA board were also revealed with the three directors having financial services experience being former Association of Financial Advisers president and Integra Financial Services managing director Deborah Kent, former Financial Planning Association chair and Countplus Limited chief executive Matthew Rowe, and UniSuper director Stephen Somogyi.
“The Minister’s appointments are recognition of the importance the government is placing on improving the training and educational standards of advisors, an issue the association has long advocated,” SMSF Association chief executive Andrea Slattery said in response to the announcement.
“We look forward to working with the authority to establish higher standards for advisors that are an important step to improving the professionalism of financial advice.
“In particular, we will be urging the authority to recognise the SMSF sector as a specialty and a profession to safeguard the financial interests of the more than 1.1 million trustees and the $653 billion in FUM (funds under management) critical to Australia’s retirement system.”
