The federal government’s statement that association memberships will be included in the proposed register of financial advisers has been welcomed by the SMSF Professionals’ Association of Australia (SPAA).
SPAA chief executive Andrea Slattery said it was reassuring the minister for finance, Senator Mathias Cormann, reiterated the government’s decision to have a register in place by March 2015, and that it must include advisers’ qualifications and professional association membership.
“It has always been SPAA’s contention that for a register to fully benefit consumers, they must be able to identify advisers who have the requisite skills and professionalism,” said Ms Slattery.
An obvious benchmark, she said, would be for consumers to be able to determine what qualifications and professional association membership an adviser has as these two areas are critical to quality financial advice.
“Only when a register includes all the relevant information will consumers feel confident they are getting the best possible advice,” she said.
The register record of educational qualifications and association membership, she said, will encourage advisers to improve their qualifications and become professional members of the relevant associations.
“The ongoing lifting of professionalism in financial advice greatly depends on increasing educational standards and improving the personal accountability of financial advisers,” she said.
SUBSCRIBE TO THE SMSF ADVISER BULLETIN
- 21 Aug 2016Risks flagged with real estate appraisal valuesBy Miranda Brownlee
- 21 Aug 2016Lawyer challenges ATO view on two fund strategiesBy Miranda Brownlee
- 18 Aug 2017ATO locks in details, addresses panic on real-time reportingBy Katarina Taurian
- 18 Aug 2017Data feeds unreliable for new reporting, says mid-tierBy Miranda Brownlee
- 18 Aug 2017Tax component confusion spurs potential tax liabilitiesBy Miranda Brownlee
- 18 Aug 2017Contributions triple in June quarter, survey showsBy Staff Reporter
- view all
- ATO locks in details, addresses panic on real-time reporting
The tax office has addressed several points of confusion with the new events-based reporting regime, locked in key deadlines, and outlined w...read more
- Data feeds unreliable for new reporting, says mid-tier
With an estimated 20 per cent of SMSFs still encountering errors from data feeds, one mid-tier firm believes the ATO should allow SMSF pract...read more
- view all