Chief executive officer, Alex Malley, said the interim report asks some “important and timely questions” and added, “CPA Australia looks forward to further contributing to the committee’s deliberations to ensure we get the settings right”.
“For some time we have advocated for an increase in the education and competency standards for personal advice and we welcome the committee’s consideration of changes in this regard, as well as possible enhancements to clearly define and delineate ‘financial planning advice’ and financial product advice,” Mr Malley said.
“In our submission we urged this review to be as bold as its predecessor, the Wallis Inquiry, in going beyond simply examining the issues facing Australia’s financial services sector today and looking to enhancements that will lift the competitiveness of the financial services sector for the future.”
Mr Malley said it was evident that the FSI committee had listened to the overwhelming view that while the financial system had withstood many of the challenges of the past, now is no time for complacency.
CPA Australia will lodge a second submission to the FSI Inquiry in the coming weeks.