FoFA – New Advisory Panel Announced by Government

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The Federal Government has today announced the members of a new Advisory Panel on Financial Advice and Professional Standards, which includes the CEOs of both the FPA and AFA.

A release by Assistant Treasurer and Minister for Financial Services and Superannuation, Bill Shorten, advises the Panel will provide its views on:

  • Professional and ethical standards in the financial advice industry, including the possible development of a best practice guide for financial advisers
  • The competency requirements that must be satisfied by financial services professionals regulated by the Corporations Act
  • The training requirements for people providing financial product advice
  • The extent to which material soft-dollar benefits are consistent with any ethical standards imposed on financial advisers
  • Proposals regarding how training should be tested or assessed

Mr Shorten said “The Panel will play a key role in lifting the level of professional standards and promoting confidence in the financial advice industry. This is a major component of the Gillard Government’s Future of Financial Advice reforms,” said Mr Shorten.

The Panel will be chaired by ASIC Commissioner Greg Medcraft and comprises:

  • Greg Medcraft: Commissioner, ASIC
  • Brian Bissaker: CEO, Colonial First State
  • Daniel Brammell: Director, Brocktons Independent Advisory
  • Antony Cahil: Executive General Manager, National Australia Bank
  • Doug Clark: Policy Executive, Stockers Association of Australia
  • Anne-Marie Corboy: CEO, HESTA Super Fund
  • Linda Evans: Professional Development Executive, National Insurance Brokers Association
  • Martin Fahy: CEO, Finsia
  • Steve Helmich: Director of Financial Planning, AMP
  • Fiona Hooymans: Manager Compliance, ASX Limited
  • Dimity Kingsford Smith: Professor, University of New South Wales
  • Richard Klipin: CEO, Association of Financial Advisers
  • Jenni Mack: Chair, Choice
  • Alex Malley: CEO, CPA Australia
  • Rod Masson: National Director, Financial Sector Union
  • Mark Rantall: CEO, Financial Planning Association
  • Andrea Slattery: CEO, Self-Managed Superannuation Fund Professionals’ Association of Australia

Mr Shorten expects the Panel will hold its first meeting before the end of 2010.



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1 COMMENT

  1. If ever I saw a government committee determined to design a camel out of a brief to design a horse, this was it. Daniel Brammall is the only “adviser”, and he never could be said to represent the majority of advisers.

    The rest, to be blunt, were there backing the ONLY horse in the race – Self-Interest, by Bank Greed out of AMP Hubris. Trained by Mr Vert IcaliIntegration, ridden by Careerconsumer Advocati. The boy with the hurricane is still out looking for the last horse running.

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