SAA moves to limit membership to ‘qualified advisers’

Yesterday, Minister for Revenue and Financial Services Kelly O’Dwyer announced she will this year introduce the reforms that will lift adviser education standards.

SAA chief executive Andrew Green said, “We have consistently supported reforms to raise education, training and ethical standards in the financial advisory industry.

“These are critical steps to maintaining investor confidence and integrity within the system and they have our 100 per cent support.”

Mr Green added that the SAA would lead the financial advice industry in maintaining investor confidence and integrity by ensuring that advisers comply with the “toughest ethical and professional standards”.

“Our aspiration is to provide members of the public with confidence that when they are dealing with a member of the Stockbrokers Association, that person has the imprimatur of an association that sets the highest standards,” he said.

“Henceforward, membership of the Stockbrokers Association will only be open to registered financial advisers who have appropriate qualifications, pass a national exam, earn annual CPD points and agree to be bound by the SAA’s Code of Conduct.

“Membership will be a badge of honour; testament to an individual’s ability and integrity.”