Financial adviser recruitment

The Australian Bankers’ Association has published the Reference Checking & Information Sharing Protocol to improve reference checking during the recruitment of financial advisers.

The Protocol commences on 1 March 2017. It is intended to promote better information sharing about the performance history of financial advisers focusing on compliance, risk management and advice quality.

The subscribing licensees to the Protocol include all dealer groups aligned with the four major banks, Suncorp, Macquarie, AMP, and Bendigo and Adelaide Bank.

The Protocol sets minimum standards for Subscribing Licensees with regards to:

  • Reciprocal information sharing obligations;
  • A standard process and timeframes for provision of references and information;
  • Fact and data based, standard reference checking questions; and
  • Record keeping obligations.

The  Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 has passed both Houses.


Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.