SPAA backs government’s plans for adviser register
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.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.