The Financial Planning Association of Australia The Financial Planning Association of Australia

Public register of advisers will enhance consumer protection

The Financial Planning Association (FPA) welcomes today’s announcement that the Government will establish an enhanced public register of financial planners.

Mark Rantall, CEO of the FPA, said: “The Government’s commitment to a public register signals their support for a key part of our 10 Point Plan.

“An appropriate register will provide protection for consumers, enabling them to easily identify all licensed financial planners who have an agreed set of credentials. The register will also help weed out bad apples and provide protection for licensees, employers and ultimately the consumer.

“When you go to a financial planner you have the right to know you can trust the person you choose. This is a big step in the right direction.

“The register, along with the outcomes of the upcoming Parliamentary Joint Committee (PJC) Inquiry into financial planner education, professional standards and ethics and the recognition of professional bodies will help advance the profession of financial planning. And this is completely inline with the direction we advocate in our 10 Point Plan.”

“Membership of a professional body such as the FPA which has its own strict guidelines, qualification requirements and codes of ethical practice should also form a key factor in a planner’s registration status. This gives consumers confidence that they are dealing with someone who will act in their best interest and is required to adhere to a code of conduct,” Mr Rantall concluded.