Andrea Slattery

The SMSF Professionals’ Association of Australia (SPAA) supports the Federal Government’s decision to introduce a register of financial advisers as it should provide practical assistance to consumers wanting financial advice they can trust.

SPAA CEO/Managing Director Andrea Slattery says: “We support the register on the basis it records advisers who are authorised representatives, as well as employee advisers, and gives consumers ‘meaningful information’ to identify skilled financial advisers.

“A register should also help ASIC and consumers spot ‘sharp practices’ in situations where unprofessional advisers deliberately move around the financial planning industry with the simple aim of avoiding detection.”

Slattery was responding to an announcement today by the Minister for Finance and Acting Assistant Treasurer, Senator Mathias Cormann, who said that a register of financial advisers would begin by March 2015.

Slattery says the fact that specific information is required on the register, such as an adviser’s areas of specialisation, relevant qualifications, professional accreditation and professional association membership, such as SPAA specialist accreditation, is critically important.

“It will record those who have specific SMSF knowledge by recognising financial planners who are SPAA specialists and in the top tier of professional SMSF advisers.

“It is encouraging for the industry to see recognition of qualifications and skills at a level over and about those necessary to meet RG 146 that doesn’t recognise the specialist skills required of a financial adviser providing SMSF advice.”

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