Massey calls for Act overhaul
Claire Matthews, Michael Naylor and Janine Scott have made a submission in response to the Financial Advisers Act review issues paper.
They say adviser professionalism is the most important aspect for the Act to address.
"True professions are marked by high education standards and clear ethical guidelines, which are embedded in behaviour, so outside control can be minimised. For financial advice to be viewed as a profession, regulatory policies should aim to set the same rules of conduct for all who hold the title of ‘adviser'."
They want adviser designations overhauled: AFAs could be renamed with a term such as professional financial adviser, qualified financial adviser, or use of the word “chartered”. “The objective should be to convey an image of professionalism.”
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
