Training group, RG 146 Training Australia (RG 146), has made a call for a centrally administered assessment system for all financial advisers.
This call comes in the wake of recent public debate over the quality of advice being provided to Australians by the financial services sector.
We recognised very early on that there would be a ‘raising of the standard’ across the industry…
According to RG 146 Managing Director, Dr Mark Sinclair, “We recognised very early on that there would be a ‘raising of the standard’ across the industry and more so in recent times in the Government’s bid to restore public confidence in the financial advisory sector especially.”
Mr Sinclair suggests that the centrally administered assessment system should be operated by either ASIC or an alternative financial services experienced regulatory body, and should be similar to that which has already been proposed for the financial services industry in New Zealand.
RG 146 argues that a centrally administered Professional Competency Exam would ensure quality, consistency and validity of assessment throughout the financial services industry.
Terrific idea if able to be tailored to cater for people giving different types of advice. The current regime is very ad-hoc and subjective to what is appropriate.
It’s funny how it’s always training groups and suppliers of risk profiling software who beat the drum about raising the standards of education and risk profiling etc. I’m sure they have the publics best interest at heart and not their own profit..
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