Financial planners and advisers in Perth and across Australia were quite interested in a recent statement from Senator Mathias Cormann, Minister for Finance and Acting Minister for Financial Services. According to Senator Cormann, the Australian Securities and Investment Commission (ASIC) is legally empowered to decide when and how to raise the minimum educational standards for all financial planners according to its own criteria. *
Senator Cormann made the statement in a radio interview in Sydney when asked about the Government’s recent changes to legislation known as “FOFA” or “Future of Financial Advice.” Many within the industry have criticised current conditions as allowing people to complete a four day course and then call themselves “financial planners.” *
Senator Cormann not only said that the Government is interested in raising educational standards for financial planners, but that ASIC could also raise the standards if they wished. According to Senator Cormann, “ASIC actually has the responsibility to set the minimum educational standards.” Senator Cormann then encouraged ASIC to raise standards if they feel it is appropriate. *
Senator Cormann said that the Government is working hard to “lift professional, ethical and educational standards” for financial advisers and that the Government is also working on an “enhanced public register of financial advisers.” *
We Agree Wholeheartedly
We agree wholeheartedly with Senator Cormann that standards should be raised. At Approved Financial Planners and our parent company, AMP Limited, our internal standards are far higher than what currently stands as “minimal standards” in Australia.
We feel that anyone who entrusts their financial planning to us deserves the best and most knowledgeable professionals in the business. We are often disgusted when we run into “financial planners” who don’t know much more than the people they are supposedly helping.
Your money is important to you; you deserve the best in financial advice. To learn more, call us today: 08 6462 0888.
* Money Management, 1 October 2014. “ASIC Has the power in planner education: Cormann.”