{"id":40286,"date":"2018-03-20T15:20:16","date_gmt":"2018-03-20T04:20:16","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=40286"},"modified":"2018-03-21T07:09:20","modified_gmt":"2018-03-20T20:09:20","slug":"professionalism-push-should-come-from-advisers","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/03\/20\/professionalism-push-should-come-from-advisers\/","title":{"rendered":"Professionalism Push Should Come From Advisers"},"content":{"rendered":"

ASIC would recommend further changes in policy to improve the professional standards of advisers but believes the advice sector should drive further change, according to ASIC Chair, James Shipton<\/strong>.<\/p>\n

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ASIC Chair, James Shipton<\/figcaption><\/figure>\n

Speaking at the opening of the two-day ASIC Annual Forum in Sydney this week, Shipton said the financial services sector needed to rebuild its trustworthiness and part of achieving this was lifting the levels of professionalism across the sector.<\/p>\n

Shipton added, \u201c\u2026we need to recognise that it will need whole and undivided commitment across the entire financial ecosystem to address this challenge. Industry, and the people within it, need to do more and need to take more of a leadership role.\u201d<\/p>\n

He said that ASIC had supported an increase in the level of professionalism among financial advisers as well as the development of FASEA, and was continuing to support the advice sector in its transition to higher education and ethical standards.<\/p>\n

“…we supported a policy tool as the catalyst. And we are prepared, if necessary, to pursue this approach again…”<\/h6>\n

\u201cIn that particular case, we supported a policy tool as the catalyst. And we are prepared, if necessary, to pursue this approach again. However, that isn\u2019t the only way,\u201d Shipton said.<\/p>\n

\u201cAnother way is for the industry itself, working with standard setting and professional bodies, to promote and perhaps even require, professionalism within their sectors,\u201d he continued, adding, \u201cIn other words, there is a window of opportunity for the industry to take the lead without the imposition of a regulatory catalyst.\u201d<\/p>\n

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The Minister for Revenue and Financial Services, Kelly O\u2019Dwyer<\/figcaption><\/figure>\n

The Minister for Revenue and Financial Services, Kelly O\u2019Dwyer<\/strong>, speaking at the Forum before Shipton, made similar statements calling on all advisers to rebuild trust but also claiming the reason for the reforms was due to past failures in the advice sector.<\/p>\n

\u201cIt is important to remember why these reforms are necessary \u2013 repeated instances of inappropriate or just plain bad advice has significantly eroded trust and confidence in the financial advice sector,\u201d O\u2019Dwyer said.<\/p>\n

\u201cEvery adviser has a role to play in rebuilding that trust, and these new educational requirements are a critical step towards professionalising the sector,\u201d she added\u201d<\/p>\n

\u201cUltimately, the professionalization of the advice sector will be in the best interests of all advisers, existing and new, because it will ensure enduring consumer trust and confidence in the financial advice sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

ASIC would recommend further changes in policy to improve the professional standards of advisers but believes the advice sector should drive further change, according to ASIC Chair, James Shipton.<\/p>\n","protected":false},"author":3,"featured_media":40328,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,241,248],"tags":[4247],"class_list":["post-40286","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-conferences-and-events","category-training","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/40286","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=40286"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/40286\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/40328"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=40286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=40286"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=40286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}