ABA welcomes passage of financial adviser legislation... FBAA’s White to address Canadian brokers...
ABA welcomes passage of financial adviser legislation
The Australian Bankers’ Association has welcomed the passing of legislation in Parliament today to raise the competency and ethical standards of financial advisers.
ABA CEO Steven Münchenberg said, “The banking industry supports the Federal Government’s commitment to improve the quality of financial advice offered to Australians.
“Introducing higher education requirements for financial advisers and a new code of ethics will be important to raise the professionalism of financial advice.
“We look forward to getting on with implementing the reforms, and working with the Government on establishing the new education and ethical standards,” he said.
Münchenberg said banks had already taken steps to ensure their financial advisers adhere to high professional standards.
“A new industry-wide hiring protocol is being implemented so banks can find out a lot more about a financial adviser’s previous conduct history before employing them. This will better identify financial advisers who have not met the industry’s minimum legal and ethical standards,” he said.
FBAA’s White to address Canadian brokers
Finance Brokers Association of Australia (FBAA) executive director, Peter White will address the Canadian Mortgage Brokers Association’s national conference taking place in Vancouver this month.
White said it was an honour to be asked and will also meet with their national board to discuss issues of mutual interest as well as meeting with the Financial Institutions Commission, the Canadian equivalent of ASIC.
“We connected with many of the international associations as we prepared our submission to the current ASIC review, and we were able to learn a lot about how brokers worldwide are remunerated,” said White.
According to White, the Canadian association is keen to learn from the success of the Australian third party channel.
“With over 50 per cent of home loans being written by brokers in Australia we set the standard for mortgage broking.”
Brokers on Banks: have your say
MPA's Brokers on Banks survey is open now and needs your help! For 14 years this survey has enabled you to score all of the banks on their performance, and give your views on key issues such as ASIC, channel conflict and commission. Take 5 minutes now to keep the banks honest, with the chance to win a pair of Bose QuietComfort® 25 Acoustic Noise Cancelling® headphones (RRP $399).
Closes 17th February - don't miss out!
The Australian Bankers’ Association has welcomed the passing of legislation in Parliament today to raise the competency and ethical standards of financial advisers.
ABA CEO Steven Münchenberg said, “The banking industry supports the Federal Government’s commitment to improve the quality of financial advice offered to Australians.
“Introducing higher education requirements for financial advisers and a new code of ethics will be important to raise the professionalism of financial advice.
“We look forward to getting on with implementing the reforms, and working with the Government on establishing the new education and ethical standards,” he said.
Münchenberg said banks had already taken steps to ensure their financial advisers adhere to high professional standards.
“A new industry-wide hiring protocol is being implemented so banks can find out a lot more about a financial adviser’s previous conduct history before employing them. This will better identify financial advisers who have not met the industry’s minimum legal and ethical standards,” he said.
FBAA’s White to address Canadian brokers
Finance Brokers Association of Australia (FBAA) executive director, Peter White will address the Canadian Mortgage Brokers Association’s national conference taking place in Vancouver this month.
White said it was an honour to be asked and will also meet with their national board to discuss issues of mutual interest as well as meeting with the Financial Institutions Commission, the Canadian equivalent of ASIC.
“We connected with many of the international associations as we prepared our submission to the current ASIC review, and we were able to learn a lot about how brokers worldwide are remunerated,” said White.
According to White, the Canadian association is keen to learn from the success of the Australian third party channel.
“With over 50 per cent of home loans being written by brokers in Australia we set the standard for mortgage broking.”
Brokers on Banks: have your sayMPA's Brokers on Banks survey is open now and needs your help! For 14 years this survey has enabled you to score all of the banks on their performance, and give your views on key issues such as ASIC, channel conflict and commission. Take 5 minutes now to keep the banks honest, with the chance to win a pair of Bose QuietComfort® 25 Acoustic Noise Cancelling® headphones (RRP $399).
Closes 17th February - don't miss out!
