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BFCSA: Senator Fawcett PFC Inquiry - another DUD for appalling Financial Advice and Standards. Its the Product Stupid! Consumers in Danger!

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What Planet is Senator Fawcett On?  Industry has put its foot down and said all sellers need a University Degree to peddle bad advice.  If they did that the smart students would figure out the fraud and refuse to sell DUD PRODUCTS created and manufactured by Criminal Bankers as a strategy for bankers to reap in wild bonuses.

The Industry admits appalling financial advice sold to consumers for over two decades.  The remedy suggested is for no compensation for the victims of BAD BANK PRODUCTS, just "lets start again."  Codes of Ethics are nonsense: Banks have Codes and do not follow "affordability" neither does FOS, COSL or ASIC.

The criminals all have University Degrees - same as America.  Politicians do not always have a degree.

But the people who wrote this submission do and they seem the only one on the side of consumers:

Read Submission # 38 - a real eye-opener!

Big overhaul for financial adviser standards

Banking and FinanceComment & Analysis

Date December 19, 2014


The financial planning industry is set for a massive overhaul of its education standards, level of professionalism and ethics, after a powerful set of recommendations by the Parliamentary Joint Committee on Corporations and Financial Services.

The recommendations, released in an 85-page report, are aimed at revolutionising the sector during the next five years as it recovers from a crisis of confidence following the exposure of financial planning scandals at the Commonwealth Bank and Macquarie Private Wealth.

If the recommendations are adopted, they will lift the standards of education to degree level, increase transparency and help protect consumers after thousands have fallen victim to shoddy advice.A key recommendation is to tighten the definition of a financial planner or adviser by requiring an individual to be registered as a financial adviser before they can offer advice. The PJC recommends ASIC should list a financial adviser on a national register only when they have met a series of strict educational and professional standards as set out in the report.

The Abbott government confirmed it would introduce a national register for financial planners next March as its response to a scathing bipartisan Senate inquiry report that called for a royal commission into CBA's financial planning division, which involved forgery and fraud and a cover-up by management, and resulted in the opening up of compensation to hundreds of thousands of customers.

After the big financial institutions lost the fight to dilute the Future of Financial Advice (FoFA) reforms, the PJC report suggests the next battleground will be education and ethics.

It calls for the establishment of an industry-based, independent Financial Professionals' Education Council (FPEC) to set the standards of education and continued competency of financial advisers. A degree qualification will be required, including an assessment of competence, a registration exam and mandatory professional development.

The current basic RG146 standard to qualify as a financial planner can take less than eight days to complete in an open-book, non-supervised environment.

The council would be controlled and funded by professional associations that have been approved by the Professional Standards Councils. The composition would include representation from each professional association, academics, one or two consumer advocates, and an ethicist. To avoid conflicts of interest, there would be no licence-holders or product manufacturers on the council.

The council would "receive advice from ASIC about local and international trends and best practices to inform ongoing curriculum review, set curriculum requirements at the Australian Qualifications

Framework level seven standard for core subjects and sector specific subjects (e.g. Self-Managed Superannuation Fund services, financial advice, insurance/risk or markets)".

Financial advisers would need to be members of a professional association that has a code of ethics that abides by a professional standards scheme approved by the Professional Standards Councils.

PJC chairman Senator David Fawcett said he hoped the recommendations would be adopted. He said it was aimed to lift the standards of the industry in a cost-effective manner. "While increasing the professional, ethical and education standards applied to financial advisers is only one of a range of measures required to protect consumers, it is an important defence mechanism to help reduce the risk of failure in the financial advice system."

The report recommends the term "general advice" be scrapped and replaced with "product sales information" to remove any doubt from customers if a bank teller or adviser is flogging a product rather than offering tailored financial advice.

Matthew Rowe, who runs Hood Sweeney, and who has been pushing for change in the industry for seven years, described the report as a significant win for consumers. "This report gives birth to the profession of financial planning in Australia," he said.

Comment:  Rowe is speaking nonsense - not a win for consumers at all.  This is called "bury the consumers, and blame the sellers and permit the manufacturers of bad product to continue production as normal - the Bankers all have Codes which they consistently ignore.  This email address is being protected from spambots. You need JavaScript enabled to view it.

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  • Louie2U
    Louie2U Monday, 23 February 2015

    Until you have clear separation of business between the banks and financial planning industry, all else that is put in place or has been put in place is simply tinkering. (Playing at looking as though something is being done when in all reality, the players calling the shots remain in control and are doing exactly the same, with a few minor details along the way)!
    Polly pretence is alive and well once again.

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Guest Monday, 24 February 2020