{"id":40577,"date":"2018-04-17T18:00:23","date_gmt":"2018-04-17T08:00:23","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=40577"},"modified":"2018-04-18T07:49:17","modified_gmt":"2018-04-17T21:49:17","slug":"asic-claims-advice-not-yet-a-profession","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/04\/17\/asic-claims-advice-not-yet-a-profession\/","title":{"rendered":"ASIC Claims Advice Not Yet a Profession"},"content":{"rendered":"

The financial advice sector has yet to reach the point that it may be considered a profession, despite containing some professionals within it, according to ASIC Deputy Chair, Peter Kell<\/strong>.<\/p>\n

\"\"<\/a>
ASIC Deputy Chair, Peter Kell<\/figcaption><\/figure>\n

Kell, speaking on the first day of the second round of hearings at the Banking Royal Commission, made the statement in response to a question from Senior Counsel Assisting the Commissioner, Rowena Orr<\/strong>, QC regarding the status of the financial advice industry.<\/p>\n

\u201cIn ASICs view, it is not yet a profession.\u00a0 There are certainly professionals within the industry, but we do not view the industry as a whole as having reached what would normally be regarded as the standards of a profession at this point in time,\u201d Kell said.<\/p>\n

He added that it was the objective of ASIC and most advisers that the sector became a profession which had in turn lead to the introduction of proposed education and professional standards for adviser.<\/p>\n

“…we do not view the industry as a whole as having reached what would normally be regarded as the standards of a profession…”<\/h6>\n

Questioned as to why the advice sector had yet to reach the standards of a profession, Kell attributed this to past practices around remuneration and education standards but also for a failure for the advice sector to be well represented.<\/p>\n

\u201cWe would say that the standards around competency and the qualifications that you have to have to be a participant in the financial advice sector, the ways in which advisers have been remunerated in many cases, and the conflicts of interest that remuneration has generated between advisers and licensees and the clients, and\u2026some of the conduct and consumer outcomes that have been very poor on a widespread scale, indicate that we\u2019re not yet at a position where we have a profession,\u201d Kell said.<\/p>\n

\u201cI would also note that we don\u2019t have in this sector a single, dominant professional association.\u00a0 There are some associations which have taken a more forward looking approach to standards, but we certainly don\u2019t have a professional association of the sort that you get in other sectors such as medicine,\u201d he added.<\/p>\n

The statements came at the start of Kell\u2019s appearance at the hearing and were preceded by a few brief comments about the development of the advice sector and its current size.<\/p>\n","protected":false},"excerpt":{"rendered":"

The financial advice sector has yet to reach the point that it may be considered a profession, despite containing some professionals within it, according to ASIC Deputy Chair, Peter Kell.<\/p>\n","protected":false},"author":3,"featured_media":40594,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8,248],"tags":[4247],"class_list":["post-40577","post","type-post","status-publish","format-standard","has-post-thumbnail","category-compliance-regulation","category-training","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/40577","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=40577"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/40577\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/40594"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=40577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=40577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=40577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}