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Challenges in meeting the new professional standard


Financial Advice continues to be under the spotlight after the Hayne Royal Commission and the financial advisers feature heavily in ASIC notices for breaching the Corporations Act.

This message ASIC comes after the new professional standards, to be co-regulated by Financial Adviser Standards and Ethics Authority (FASEA) and the corporate regulators are meant to have taken effect as of the first of January.

Still challenges with new professional standards?

What about those in the financial planning space who are trying to meet their obligations.

While raising professional standards are part of an attempt to raise the standards in the industry and prevent the some the allegations that came out of the royal commission to happen again, there has been only piecemeal communication to the training providers and registered training organisations (RTOs).

The GRC Professional recently spoke to Elders Financial General Manager Tony Beaven who said that the challenge for RTOs is that they are only getting the information piecemeal from the regulator but are expected to have their training programs up and running by the end of March.

He said that is a challenge to those in the financial advice and planning perspective as well as their employers who want to ensure that their employees do have the requisite training as soon as possible.

Beaven said that Elders Financial has provided scholarships to some advisers so that can continue their professional development and the new regulatory requirements


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