Assistant Treasurer, Josh Frydenberg, has held a roundtable with a range of advice stakeholders, describing the talks as ‘constructive’.
The purpose of the event, held in Canberra last week, was to discuss the advice education and standards model proposed by the Parliamentary Joint Committee on Corporations and Financial Services (PJC). The PJC has recommended a co-regulatory model, with mandated university degrees for advice practitioners and the establishment of a new governance body to set education and competency standards (see our article in riskinfo eMagazine for a detailed analysis of the recommendations).
Mr Frydenberg reported that all participants, including consumer groups, adviser associations, academics and Australian Securities and Investments Commission Chairman, Greg Medcraft, were unanimous in the view that the advice industry needs to lift standards.
“There was strong agreement that the focus of reform should be on the consumer, and that rebuilding consumer confidence in the financial advice industry is paramount,” Mr Frydenberg said.
“I was especially pleased to see the level of consensus that is building around many elements of the PJC model, and acknowledge the important feedback I received about how the model could be adapted to work best in practice.”
The roundtable forms part of the Government’s promised consultative approach to the PJC’s recommendations. The Government is also seeking formal submissions on the model via the Treasury website. Submissions will be received until 7 May, and consultation will continue until the end of June.
So the Towbridge apprentice is at it again, of course he thinks it was successful .Look what he surrounded himself with…. comsummer groups academics and ASIC all like minded people. Mostley just scewed in their views as to what should happen to our business.
The business isn’t broken .. just because some ASIC EXPERT ( drip under pressure) found we sometimes make more money than he does (small thinker).My god what will they do when they find people in business mark up product 80-100% on more sometimes?
I have never found a beneficiary who cared one little bit how the money got to them.
If this goes on to THEIR logical conclusion THERE WILL BE A LOT LESS BENIFICIARIES.
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