'Robust, efficient' financial services regulatory system the goal

17 July, 2014

The Government says it is progressing with its commitment to establish an enhanced public register of financial advisers.

A dedicated industry working group will consult with all relevant stakeholders to develop the best way of setting up this public register of financial advisers.

The industry working group will consider:

  • The scope and content of the register (including a record of each adviser's credentials and status in the industry)
  • Whether reporting obligations are placed on licensees and/or advisers
  • Who is responsible for providing information and input of data
  • Potential privacy issues

The establishment of an enhanced public register of financial advisers delivers on:

  • A specific commitment in the Government's agreement with the Palmer United Party and the Australian Motoring Enthusiasts Party on further improvements to Australia's financial advice laws
  • Recommendation 44 of the recent Senate Economics References Committee inquiry into the Performance of the Australian Securities and Investment Commission

The industry working group will begin its consultation process shortly and will provide its report to Government by mid-August.

"Our goal remains to ensure that we have a robust but efficient financial services regulatory system, which is competitively neutral so that people saving for their retirement or managing financial risks through life can access high quality advice they can trust and which is also affordable," said Senator Mathias Cormann, Minister for Finance and Acting Assistant Treasurer via a statement.

"This is also why the Government will work with all relevant stakeholders on efficient and effective ways to continue lifting professional, ethical and educational standards across the financial advice industry."