10 February 2017
Sydney, 9 February 2017: The Australian Bankers’ Association has welcomed the passing of legislation in Parliament today to raise the competency and ethical standards of financial advisers.
ABA Chief Executive Steven Münchenberg said: “The banking industry supports the Federal Government’s commitment to improve the quality of financial advice offered to Australians.
“Introducing higher education requirements for financial advisers and a new code of ethics will be important to raise the professionalism of financial advice.
“We look forward to getting on with implementing the reforms, and working with the Government on establishing the new education and ethical standards,” he said.
Mr Münchenberg said banks had already taken steps to ensure their financial advisers adhere to high professional standards.
“A new industry-wide hiring protocol is being implemented so banks can find out a lot more about a financial adviser’s previous conduct history before employing them. This will better identify financial advisers who have not met the industry’s minimum legal and ethical standards,” he said.
More information is available at bankers.asn.au/financial-advice.
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
Australian banks continue to back growth and innovation across the farming sector with agribusiness lending now at record levels, exceeding $131 billion for the first time. The Australian Banking Association is highlighting the banking sector’s ongoing support for Aussie farmers this National Agriculture Day. Lending to agribusinesses has skyrocketed over the last year, rising 9.4 per cent in… Read more »
The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians. ABA CEO Anna Bligh said the Federal Government’s proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams. “This is an important step forward in our ongoing work to scam-proof… Read more »
Banks stand ready to support Far West NSW communities hit by recent storms and ongoing power outages. ABA CEO Anna Bligh acknowledged that many households and businesses in the Far West were still feeling the effect of this severe weather event. “My message to customers in these communities, is please reach out to your bank… Read more »