Consumers provided commitment to quality and high standards with financial services Trustmark

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Consumers learnt today that the Financial Services Council had launched a Trustmark that will demonstrate a commitment to high quality and standards in financial products and services including superannuation, life insurance and investments.  The initiative comes in the wake of a string of financial disasters that have hit thousands of Australian families over the past two years.

It is anticipated that the Trustmark will be used much like the Heart Foundation Tick for healthy foods, with the Trustmark helping Australian consumers identify quality financial products and services that meet the high standards set by the Financial Services Council.

Australians will see the Trustmark on financial products and services issued by members of the Financial Services Council including companies in the superannuation and life insurance industries.  Companies wishing to use the Trustmark must adhere to the 16 standards administered by the Financial Services Council, some of which relate to fee structures and product commissions.

Launching the campaign, John Brogden, CEO of the Financial Services Council said: “Thousands of mum and dad investors lost their life savings in recent financial collapses such as Storm Financial.  This has left many Australians wary of investing and in need of a signpost for financial products and services that are committed to high quality, transparency and bound by high standards.

“The introduction of the Trustmark is a positive move to ensure tighter compliance with standards and will provide Australians with the confidence they need when making financial decisions – from the management of their super contributions to the selection of their life insurance provider.  The Trustmark will ultimately ensure that Australians know and trust who they are dealing with”

The Trustmark will be introduced from 1 January 2011 and consumers should expect to see the Trustmark used from this date.

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