Date posted: 9/02/2017 3 min read

Timely reforms to build trust and confidence in financial advice commended

Chartered Accountants Australia & New Zealand commends the Government for developing critical and timely reforms to raise the professional, educational and ethical standards of financial advisers

CEO of Chartered Accountants ANZ Lee White said we are pleased to see that after many months of close consultation with industry stakeholders, the Government’s legislation to raise the standards of financial advisers has passed through the Senate today.

Mr White said that increasing trust and confidence in the financial advice industry, and ensuring that more Australians have access to more professional advice, is ultimately good news for all financial advisers including those who are members of the accounting profession. When the tide rises, all boats rise.

“It is alarming but not surprising that only 1 in 5 Australians currently seek financial advice. There are close to 25,000 financial planners in Australia and only half of them belong to a professional body.”

“Chartered Accountants have always operated within a highly qualified and professional framework. These reforms will now help to professionalise the entire financial advice industry by providing a common benchmark standard and greater accountability and transparency for all financial advisers.”

“We look forward to working on the implementation of the reforms with the new commonwealth standard setting body to be established under the legislation. This will include ensuring that appropriate recognition is given to Chartered Accountants’ existing qualifications, skills and experience.”

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