The Australian government has introduced legislation which will enshrine in law the terms ‘financial planner' and ‘financial adviser'.
These latest amendments to Australia's Future of Financial Advice Act (enacted in 2011) is now running through the formal parliamentary process and once passed will make it an offence for anyone to call themselves a financial planner or financial adviser without being appropriately authorised under Australia's financial services licensing regime. Stiff penalties will be imposed on those individuals or companies caught acting in breach of the new labelling requirements. Australia's Financial Planning Association (FPA) says that this legislative reform, along with two reforms relating to ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
