{"id":2510,"date":"2009-08-12T06:26:41","date_gmt":"2009-08-11T20:26:41","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=2510"},"modified":"2009-08-12T11:12:32","modified_gmt":"2009-08-12T01:12:32","slug":"latest-poll-compulsory-membership-of-professional-associations","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2009\/08\/12\/latest-poll-compulsory-membership-of-professional-associations\/","title":{"rendered":"Latest Poll – Compulsory Membership of Professional Associations?"},"content":{"rendered":"

\"Vote<\/a><\/p>\n

Our latest adviser poll considers the question of compulsory membership of professional bodies, an issue that has floated to the surface as a result of the Parliamentary Joint Committee Inquiry into Financial Products and Services.<\/p>\n

Our question is:<\/p>\n

Should financial planners\/advisers be\u00a0made to join a professional association\u00a0in order to be able to\u00a0provide\u00a0professional financial advice to consumers?<\/em><\/strong><\/p>\n

The call for mandatory membership of financial planners to\u00a0an appropriate porfessional body is being made by both\u00a0the Association of Financial Advisers (AFA) and the Financial Planning Association of Australia (FPA).<\/p>\n

This joint call from the two Associations is motivated by a desire to lift both the professional standards and public perception of the\u00a0financial advice industry in Australia.<\/p>\n

FPA CEO, Jo-Anne Bloch<\/strong>, pointed out to riskinfo\u00a0that the\u00a0issue of compulsory membership of a professional association is part of a broader strategy that includes restricting the use of the term ‘financial planner’ as well as\u00a0raising the minimum educational requirements above those required by law for anyone wishing to offer professional financial advice.<\/p>\n

As part of these requirements, Ms Bloch and the FPA believe that any financial advisers wishing to operate at\u00a0these\u00a0standards must also be a member of an appropriate\u00a0professional body, and one whose charter of educational standards and conduct\u00a0must be accredited by ASIC.<\/p>\n

AFA CEO, Richard Klipin<\/strong>, reflected the attitude expressed by\u00a0the FPA, pointing to other professions whose practitioners are required to be members of an industry association (eg doctors, lawyers) in order to be recognised by their clients as individuals who have met the industry standards of competency and conduct required to\u00a0give them the confidence they need to rely on the service or advice being provided.<\/p>\n

On the other hand, some advisers have previously expressed dissatisfaction with one or both Associations, at least in their current format,\u00a0and may prefer to aspire to high levels of education and quality of advice without necessarily being required to join one of their industry associations.<\/p>\n

So, in addressing the question of compulsory membership of an association, there must also be consideration given to the nature of the association itself and the standards it requires and\/or the standards that ASIC may stipulate in the future, if compulsory association\u00a0membership for financial planners is introduced.<\/p>\n

It’s over to you.\u00a0 Make your voice heard.\u00a0 Have your say:<\/p>\n

\"Vote<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Our latest adviser poll considers the question of compulsory membership of professional bodies, an issue that has floated to the surface as a result of the Parliamentary Joint Committee Inquiry into Financial Products and Services.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,49],"tags":[],"class_list":["post-2510","post","type-post","status-publish","format-standard","category-compliance-regulation","category-polls"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/2510","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=2510"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/2510\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=2510"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=2510"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=2510"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}