29 May 2013

The lower house of Parliament has passed legislative amendments to enshrine the terms financial adviser and financial planner in law.The House of Representatives passed amendments, which were attached to the Corporations Amendment (Simple Corporate Bonds and Other Measures) Bill 2013, late yesterday.The amendments made it an offence for anyone to call themselves a financial planner or financial adviser unless they were appropriately authorised under the Australian financial services licensing regime.FPA general manager policy and standards Dante De Gori told financialobserver the amendments were welcomed and long-awaited.

“It’s something that we’ve been looking for and asking for for over a decade now,” De Gori said.

“This is a great step for consumer protection and for the next steps in the profession.”

Written by Kate Kachor of the Financial Observer.

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