The Parliamentary Secretary to the Treasurer, Senator Ian Campbell, said today some findings of the financial planners survey conducted by the Australian Securities and Investment Commission and the Australian Consumers' Association were not up to standard.
"There were some strong results in a number of areas, but the survey also exposed a number of weaknesses which make it clear that the industry has considerable work ahead of it before the new Financial Services Reform Act takes full effect next March," Senator Campbell said.
"Some of these surveyed would not meet the demanding standards of the new legislation and therefore would not be licensed to operate from the March deadline.
"While the overall survey findings are far from satisfactory, the Government is confident that the very high standards demanded by the new law can and will be met.
"Consumers can be confident that the massive resources being invested by government and industry will achieve significant results.
"The position is clear: those who do not meet the required standards simply won't get a licence to operate."
Senator Campbell encouraged consumers seeking advice about how to choose a financial planner to look up the ASIC website www.fido.asic.gov.au or phone the Financial Planning Association on 1800 626 393 to get a copy of its 7 Smart Steps booklet.
PERTH
10 February 2003
Contact: Wayne Grant 08 9421 1755 or 0407 845280