Government agencies around Australia are standing up to support the campaign to end violence against women today for White Ribbon Day.
ALL THINGS P: The federal government wants to know which open data would be most useful to business, researc
We recently moved our readers to a new system. You may need to reset your password here to login.
Not a member ? Join here for free.
Forgot your password?
Home Features Financial advice regulation: well-intentioned red tape costs public choice
Text size :
DEPARTMENTSAustralian Securities and Investments Commission
TAGS Australian Securities and Investments Commission
Not every part of an industry needs minute attention of the regulator. Recent Commonwealth interest in raising university qualification requirements of financial advisors is questionable both as good regulation and threatens the good work ASIC has done to get the Financial Advisers Register up and running.
The much-anticipated Financial Advisers Register is a true milestone in the financial services sector, and part of the ongoing implementation of the Future of Financial Advice (FOFA) reforms. However the milestone’s impact is in danger of being subsumed by a triad of reports attempting to build a requirement for qualifications without a solid foundation.
Under the Register — being launched today by the Australian Securities and Investments Commission — Australians will be able to easily check online important details about financial advisers: employment history, specialisations, and even any recorded bans or disqualifications. And consumer access to information will be broadened further by the end of May, when the advisers’ qualifications and professional body memberships will also be listed.
This public accessibility of information will be a valuable asset when deciding to hire your next financial advice services. And such innovation is vital to strengthen the — still reasonably fledgling — financial advice industry.
Despite this reform progress, the Financial System Inquiry report still recommends for main financial advisers to have a relevant tertiary degree. The same requirement is advocated in the Parliamentary Joint Committee on Corporations and Financial Services report. And intense debate will be fostered by the Government having just released a consultation paper calling for submissions on ways to lift the professional standards of financial advisers.
Receive unlimited access, get all the latest public sector news and features, plus The Juice, our daily news update sent direct to your inbox.
The Mandarin is where Australia's public sector leaders discuss their work and the issues faced within modern bureaucracy. Join today to discover the latest in public administration thinking and news from our dedicated reporters, current and former agency heads and senior executives.
Dr Patrick Carvalho is a Research Fellow in the economics program at the Centre for Independent Studies. He has worked as the Head of the Economic Studies Division at the Federation of Industries of Rio de Janeiro and as a Lecturer in the Research School of Economics at the Australian National University.
Read Related Content
Small data, or just data, is better than the current "big data" focus, says a government wonk from the UK. Meanwhile, economist Ross Gittens has some lessons in behavioural economics for regulators. And Australia's marks are in on the social progress index.
The federal opposition promises a gentler approach to public sector efficiency if it manages to win Sunday's election. It's been promised before, but Labor thinks it can find savings in contractor and consultant costs, advertising and travel.