Tougher measures needed to counter so-called ‘Bad Apples’: SPAA

The SMSF Professionals Association of Australia today lent its support to the ASIC submission to the Financial Services Inquiry which called for tougher measures to counter so-called ‘Bad Apples’ in the financial services industry.

SPAA technical director Graeme Colley said all groups, no matter what the size or who they are composed of, contain a small number of bad apples who make it more difficult for the great majority.

“Most of the laws are aimed at controlling the minority as the majority do the right thing.

“SPAA’s reason for being is focused on professionalism, industry standards, industry development, investor protection and ongoing and education. We believe SPAA is a very significant force within the industry to protect consumers from bad apples, given our membership criteria and professional development programs.

“The SPAA brand is about giving investors the confidence that they are dealing with qualified professionals with the highest standards of competency and integrity.

“We particularly support mandated reference checking for advisers that offer Tier 1 or complex advice and would welcome the creation of a central register for employee representatives.

“The concept of a national examination for advisers before they can give personal advice on Tier 1 products is also one SPAA supports”.

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