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
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
Stockbrokers Association of Australia
Superannuation Consumers' Centre