The Greens spokesperson for Treasury and Consumer Affairs, Senator Peter Whish-Wilson provides the following comments on the new standards for financial advisers.
Senator Whish-Wilson said, “The Greens have always advocated for a mandatory code of conduct for this industry, including a US-style system for advisor examinations, namely the Series 7 and 63 exams. Evidence suggests voluntary codes just don't cut the mustard.
"Joining other industry (such as legal and accounting) bodies by having a mandatory and enforceable code of conduct is an essential step in the right direction for the industry to be taken seriously and for consumers to have confidence in their financial advisers.
"Any examination must set a high bar to hurdle. That is the whole point. I sat the US financial advisers 6-hour exams for the Series 7 and 63 and they were among the toughest I've done.
"Any mandatory code of conduct must have teeth. Disciplinary action and sanctions must be tough and a serious disincentive for any breaches,” he concluded.