Date posted: 24/11/2016 3 min read

Professional standards legislation to build trust and confidence in financial advice

Legislation set to raise the standards of financial advisers

Chartered Accountants Australia and New Zealand is pleased to see the Government’s introduction of legislation into Parliament to mandate professional standards for financial advisers.

Chartered Accountants ANZ Chief Executive Lee White said we support the Government’s overall policy objective to improve the professional, educational and ethical standards of financial advisers.

“We have long advocated for the development of a comprehensive framework for delivery of quality financial advice to the public. The proposed reforms will go a long way to increasing public trust and confidence in the financial advice industry, and to improving the transparency and accountability of financial advice,”
Lee White, Chief Executive, Chartered Accountants ANZ

Mr White said that Chartered Accountants have always operated within a highly qualified and professional framework: “An important aspect of our support for the proposed reforms is that there is appropriate recognition of Chartered Accountants based on their qualifications and experience in operating under this professional framework, we appreciate the Government’s extensive consultation on the issues, and the consideration given to transitional timeframes for existing advisers,”

Mr White said that the new independent standards body to be established under the legislation will play an important role, particularly in terms of developing a mandatory code of ethics for financial advisers, and determining the education and ongoing professional development requirements for both new and existing financial advisers.

“We look forward to working on the practical implementation of the proposed reforms with the new standards body, industry stakeholders, and regulators to ensure that the public benefits from a more professional and accountable financial advice industry,”
Lee White, Chief Executive, Chartered Accountants ANZ

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