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Terms Financial Planner and Financial Adviser now restricted use by law.


By Kate Kachor


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.”

Association of Financial Advisers chief executive Brad Fox said the passage of the bill is an important step for consumers and industry.

“This piece of legislation has been reviewed by the Parliamentary Joint Committee on Corporations and Financial Services and they supported it,” Fox said.

“The AFA continues to believe that the legislation is good for both consumers of financial advice services and for the financial advisers who provide those services.

“It will help consumers identify a trained, qualified provider from any other individual purporting to have this expertise,”

Fox said the AFA is pleased that the Bill has now passed the House of Representatives and will await the outcome from the Senate.

“July 1, 2013 marks the commencement of the Future of Financial Advice legislation, the MySuper legislation and potentially amendments to the Tax Agent Services Act, all of which will impact financial advisers,” he said.

“The AFA will lead financial advisers and financial planners through what is the most significant period of regulatory change ever confronted by the industry, helping them to meet new challenges and embrace the changes.”

In March, Financial Services and Superannuation Minister Bill Shorten tabled the long-awaited financial planner definitions in Parliament.

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