The Government today announced the members of the new Advisory Panel on financial advice and Professional Standards. The Panel is an important early milestone in the Government's Future of Financial Advice reforms.
The Panel will provide views on:
- Professional and ethical standards in the financial advice industry, including the possible development of a best practice guide for financial advisers
- The competency requirements that must be satisfied by financial services professionals regulated by the Corporations Act
- The training requirements for people providing financial product advice
- The extent to which material soft-dollar benefits are consistent with any ethical standards imposed on financial advisers
- Proposals regarding how training should be tested or assessed.
"The Panel will play a key role in lifting the level of professional standards and promoting trust and confidence in the financial advice industry. This is a major component of the Gillard Government's Future of Financial Advice reforms," the Assistant Treasurer, the Hon Bill Shorten, said.
"It is made up senior representatives from across the financial services industry as well as consumer, academic and employee representatives. I would like to thank all representatives for agreeing to be involved in this Panel. I expect the Panel will hold its first meeting before the end of the year".
The Panel will be chaired by Australian Securities and Investments Commission (ASIC) Commissioner Greg Medcraft. A table of members of the Panel is provided below.
24 November 2010
Advisory Panel on Financial Advice and Professional Standards
| Member | Position |
|---|---|
| Greg Medcraft | Commissioner, ASIC |
| Brian Bissaker | CEO, Colonial First State |
| Daniel Brammall | Director, Brocktons Independent Advisory |
| Antony Cahill | Executive General Manager, National Australia Bank |
| Doug Clark | Policy Executive, Stockbrokers Association of Australia |
| Anne-Marie Corboy | CEO, HESTA Super Fund |
| Linda Evans | Professional Development Executive, National Insurance Brokers Association |
| Martin Fahy | CEO, Finsia |
| Steve Helmich | Director of Financial Planning, AMP |
| Fiona Hooymans | General Manager, Participants, ASX Limited |
| Dimity Kingsford Smith | Professor, University of New South Wales |
| Richard Klipin | CEO, Association of Financial Advisers |
| Jenni Mack | Chair, Choice |
| Alex Malley | CEO, CPA Australia |
| Rod Masson | National Director, Financial Sector Union |
| Geoff Miller | General Manager, Australian Treasury |
| Mark Rantall | CEO, Financial Planning Association |
| Andrea Slattery | CEO, Self-Managed Superannuation Fund Professionals' Association of Australia |