{"id":28188,"date":"2014-12-02T16:53:48","date_gmt":"2014-12-02T05:53:48","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=28188"},"modified":"2024-12-02T08:02:21","modified_gmt":"2024-12-01T22:02:21","slug":"controversy-surrounds-new-asic-adviser-register","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/12\/02\/controversy-surrounds-new-asic-adviser-register\/","title":{"rendered":"Controversy Surrounds New ASIC Adviser Register"},"content":{"rendered":"

The release by Treasury of the draft arrangements for the new public adviser register has been marred by controversy.<\/span><\/p>\n

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\"Acting<\/a>
Acting Assistant Treasurer and Minister for Finance, Senator Mathias Cormann<\/figcaption><\/figure>\n

Late last week, Treasury issued for consultation the draft regulations<\/a> which will govern the new national adviser register. The register, to be maintained by the Australian Securities and Investments Commission (ASIC), was one of the additional consumer protection measures announced by the Government as part of a deal with the Palmer United Party to support its Future of Financial Advice (FoFA) amendments.<\/p>\n

Announcing the details of the initiative in October, Acting Assistant Treasurer and Minister for Finance, Senator Mathias Cormann<\/strong>, said the register would contain significant information about individual financial advisers, including their licensee, the product areas they are licensed to advise on, and the individual\u2019s qualifications and professional membership status.<\/p>\n

However, the draft Regulations, and accompanying Explanatory Statement, do not include a requirement to collect information on education qualifications or whether the adviser is a member of a professional association. The only reference to qualifications within the Treasury\u2019s Draft Explanatory Statement appears to be the following:<\/p>\n

We are working with all relevant stakeholders on efficient and effective ways to lift professional, ethical and educational standards<\/h6>\n

\u2018It is intended that the register will, in time, also contain educational qualifications and professional association membership information. This would require further amendments to the Principal Regulations.\u2019<\/p>\n

Following the release of the consultation documents, a mainstream media report accused the Government of \u2018watering down\u2019 the register, saying professional membership and education qualifications were \u201cfundamental pieces of information\u201d.<\/span><\/p>\n

Senator Cormann was quick to issue a response to the report, reiterating that the Government remained committed and on track to deliver its enhanced, industry-wide public register of financial advisers.<\/p>\n

According to a statement from the Senator\u2019s office, as of March 2015, the register of financial advisers will include:<\/p>\n