{"id":55943,"date":"2021-05-25T18:05:47","date_gmt":"2021-05-25T08:05:47","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=55943"},"modified":"2021-05-25T20:44:25","modified_gmt":"2021-05-25T10:44:25","slug":"renewed-call-for-personal-adviser-registration","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2021\/05\/25\/renewed-call-for-personal-adviser-registration\/","title":{"rendered":"Renewed Call for Personal Adviser Registration"},"content":{"rendered":"

The Financial Planning Association<\/a> has issued a call for the Government to create what it refers to as a ‘true professional registration’ for financial planners.<\/p>\n

This call was made by the association following the completion of the Government’s industry consultation period for the establishment of a single disciplinary body<\/a> for financial advisers, developed – at least in part – in response to Banking Royal Commission Recommendation 2:10, which called for the establishment of a new disciplinary system for financial advisers.<\/p>\n

\"\"<\/a>
Recommendation 2:10 from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry…<\/figcaption><\/figure>\n

While the FPA states it welcomes the Government’s initiative in establishing a new disciplinary function for advisers and has ‘thrown its support’ behind many of the measures, it has highlighted the proposed adviser licensing model as an area for which it advocates further refinement.<\/p>\n

The issue<\/strong><\/p>\n

\"\"<\/a>
FPA CEO, Dante De Gori …personal adviser registration is the missing piece to the puzzle<\/figcaption><\/figure>\n

From the FPA’s perspective, the issue revolves around the fact that the Government\u2019s proposed model makes the registration of a financial adviser the responsibility of their licensee: \u201cThe registration is then contingent on the planner\u2019s ongoing engagement by the AFSL and effectively duplicates the existing authorisation process.\u201d<\/p>\n

The solution<\/strong><\/p>\n

In offering an alternative solution that will remove this duplication, the FPA argues that a professional registration should demonstrate that an individual has met their professional requirements, is in good standing in the community and is ready to serve their clients:<\/p>\n

\u201cA financial planner\u2019s registration should then follow them throughout their career and be a valued symbol of their professional status and commitment to uphold professional values.\u201d<\/p>\n

It\u2019s the missing piece to the puzzle…<\/p><\/blockquote>\n

The association\u2019s CEO, Dante De Gori<\/strong>, advocates that the creation of a personal obligation to register is an essential component of any professional framework. He says:<\/p>\n

\u201cIt\u2019s the missing piece to the puzzle. Similar to the legal, medical or architectural professions, the FPA strongly supports a model in which registration is the personal responsibility of each financial planner and is not connected with their employment or authorisation under an AFSL.\u201d<\/p>\n

De Gori adds that a \u2018true professional registration\u2019 will have flow-on benefits for consumers as it will improve the quality of the information on the Financial Adviser Register and ensure anyone can easily check the qualifications, registration status and disciplinary record of their financial planner.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Financial Planning Association has issued a call for the Government to create what it refers to as a ‘true professional registration’ for financial planners. This call was made by the association following the completion of the Government’s industry consultation period for the establishment of a single disciplinary body for financial advisers, developed – at […]<\/p>\n","protected":false},"author":3,"featured_media":55956,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8],"tags":[],"class_list":["post-55943","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/55943","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=55943"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/55943\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/55956"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=55943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=55943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=55943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}