Finance Minister Senator Cormann announced on Friday 24 October 2014 that the Government will establish an enhanced, industry-wide public register of financial advisers.
The register of financial advisers will include:
- the adviser’s name, registration number, status, and experience;
- the adviser’s qualifications and professional association memberships;
- the adviser’s licensee, previous licensees/authorised representatives and business name;
- what product areas the adviser can provide advice on;
- any bans, disqualifications or enforceable undertakings; and
- details around ownership of the financial services licensee and disclosure of the ultimate parent company where applicable.
The register will be up and running by March 2015. It will cost about $5m to set up and will be funded by increasing the current ASIC lodgment fee for Australian Financial Services licensees by $5 to $44.
[LTN 206, 24/10/14]