Community News

Raising professional standards of financial advisers

Federal Member for Cowper Luke Hartsuyker has welcomed reforms to ensure consumers receive professional treatment from financial advisers. The new framework, proposed in response to Financial System Inquiry recommendations, will require new financial advisers to hold a degree, pass an exam, undertake continuous professional development, subscribe to a code of ethics and undertake a professional year before they can advise clients. These will be set by a standards setting entity created by industry and recognised by the Government. “It is clear that reform is required to build consumer confidence and trust,” Mr Hartsuyker said. “The Financial System Inquiry’s recommendations will improve the education, training and ethical standards of financial advisers. “Stakeholders, including advisers and educational bodies, will need to work together towards achieving these higher standards. “The government also recognises the importance of appropriate transitional arrangements for existing advisers to ensure that existing adviser’s experience is recognised. “ The Government’s full response to the Financial System Inquiry is available at