The Government has announced that ASIC will establish a public register of financial advisers by March 2015.

The register of financial advisers will include:

• the adviser’s name, registration number, status, and experience;
• the advisers’ qualifications and professional association memberships;
• the adviser’s licensee, previous licensees/authorised representatives and business name;
• what product areas the adviser can provide advice on;
• any bans, disqualifications or enforceable undertakings; and
• details around ownership of the financial services licensee and disclosure of the ultimate parent company where applicable.

The Government has announced that its industry working group on the establishment of the ASIC Register of Financial Advisers will also consider the Senate Economics Committee’s recommendations in relation to the proposed introduction of a national exam, continuous professional development requirements and the requirement for financial advisers to hold a relevant degree qualification.(Background)

The Parliamentary Joint Committee on Corporations and Financial Services is also inquiring into proposals to further lift professional, ethical and educational standards in the financial advice industry.