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The SMSF Professionals' Association of Australia (SPAA) has endorsed proposals put forward by the parliamentary joint committee (PJC) to lift educational standards for advisers.
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SPAA calls for higher adviser education standards
12 January 2015
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Under the scheme – recommended in the final report of the PJC on corporations and financial services – advisers would be required to hold a bachelor's degree to provide financial services.
SPAA director of technical and professional standards Graeme Colley said in a statement that the association supports any move that improves professionalism and standards in the industry.
“The report’s recommendations embody a common-sense approach to lifting the standards of financial advice and protecting consumers,” he said.
Mr Colley said SPAA had long advocated the requirement of a degree minimum.
He also welcomed the PJC proposal that "general advice" be advertised as "product or sales information", as distinct from financial advice.
“This will give consumers a clearer understanding of the type of advice they are receiving and how it meets their financial advice needs,” he said.
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In addition, Mr Colley said SPAA was pleased the PJC had recommended recognising SMSFs as a specialist field.
“The proposal that specialist SMSF education be undertaken by those providing advice on SMSFs, in addition to satisfying core competencies for financial advice, is one of the key recommendations that SPAA made to the PJC."
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