30 April 2015
Media Release - #2015020, 2015

Constructive roundtable on lifting financial adviser standards

On 29 April 2015, I hosted a roundtable with peak industry bodies, consumer groups, respected academics, and the Chairman of the Australian Securities and Investment Commission, Greg Medcraft.

We discussed the bipartisan model proposed by the Parliamentary Joint Committee on Corporations and Financial Services (PJC), to lift the professional, ethical and education standards of financial advisers.

All participants were unanimous in the view that we need to lift industry standards.

There was strong agreement that the focus of reform should be on the consumer, and that rebuilding consumer confidence in the financial advice industry is paramount.

I was especially pleased to see the level of consensus that is building around many elements of the PJC model, and acknowledge the important feedback I received about how the model could be adapted to work best in practice.

Participants also emphasised the importance of:

  • sensible transitional mechanisms;
  • robust governance;
  • sustainable funding; and
  • achieving enduring reform.

I thank all participants for the goodwill and insightful feedback they brought to the table, and for the commitment they continue to display to this process of reform.

Submissions on the PJC model close 7 May 2015 (for more information, see the Treasury website), with consultation to continue until the end of June.

I look forward to continuing the constructive conversation that we started today with more stakeholders over the coming months.


Attachment: Participants in roundtable on adviser standards, Sydney, 29 April 2015

Association of Financial Advisers

Association of Superannuation Funds of Australia

Australian Bankers' Association

Australian Business Deans Council

Australian Financial Markets Association

Australian Institute of Superannuation Trustees

Australian Securities and Investments Commission

Chartered Accountants Australia and New Zealand

CHOICE

Customer Owned Banking Association

Financial Planning Association of Australia

Financial Planning Education Council

Financial Services Council

Industry Super Australia

National Insurance Brokers Association

Professional Standards Council

SMSF Association

Stockbrokers Association of Australia

Superannuation Consumers' Centre