• Home
  • News
    • People moves
    • Africa
    • Asia
    • Australia
    • Canada
    • Caribbean
    • Domicile
    • Europe
    • Latin America
    • North America
    • Middle East
    • US
    • US
    • UK
  • Products
    • Funds
    • Pensions
    • Platforms
    • Insurance
    • Investments
    • Private Banking
    • Citizenship
    • Mortgages
    • Taxation
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory
  • Advertise with us
  • Events
  • Middle East Hub
  • Newsletters
  • Follow us
    • Twitter
    • LinkedIn
    • Newsletters
  • Advertise with us
  • Events
    • Upcoming events
      View all events
  • Middle East Hub
International Investment
International Investment

Sponsored by

Sharing Alpha
  • Home
  • News
  • Products
  • Fintech
  • Regulation
  • In Depth
  • Special Reports
  • Video
  • Directory

Australia looks to rate advisers under scheme to rebuild trust

Australia looks to rate advisers under scheme to rebuild trust
  • Pedro Gonçalves
  • 31 July 2018
  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  

Australia is considering a new system under which 1,800 financial advice licensees will be rated, in a bid to rebuild consumer trust after several scandals with financial advisers in the country.

The new system, outlined in a white paper, will see licensees rated in two ways: the first using openly available or commercially procured data and the second using proprietary and qualitative information direct from the licensee.

Related articles

  • Australian regulator slaps adviser with five-year ban
  • Australian watchdog to gain more powers under new proposal
  • ASIC targets wealth managers and cross-border financial crime
  • Former financial adviser permanently banned for dishonest conduct

The focus of the system’s methodology is to predict actions within a licensee that are detrimental to client’s interests, primarily misconduct.

Adviser Ratings, the company behind the proposal is already in consultation with government, regulators and industry to get the go-ahead.

It said the aim is to enhance the clarity and consistency of information used by consumers in selecting a financial adviser.

Adviser Ratings chief executive, Mark Hoven, said the destruction of trust in the financial advice industry is “deeply concerning” and that the new rating system for licensees is intended to differentiate the better service providers and “rebuild community faith in our industry”.

Hoven said the loss of confidence in institutional brands and the broader advice system “demands this kind of evidence-based, scientifically validated service”.

“We believe a summary indicator of adviser quality like a licensee rating based on a consistent and transparent methodology would vastly improve the way customers search for and track the ongoing status of financial advice providers,” he said.

  • Tweet  
  • Facebook  
  • LinkedIn  
  • Send to  
  • Topics
  • Australia
  • financial advisers
Back to Top

Most read

France puts Bahamas and Seychelles on its tax haven blacklist
France puts Bahamas and Seychelles on its tax haven blacklist
Saudi Arabia to offer citizenship to 'brilliant' individuals
Saudi Arabia to offer citizenship to 'brilliant' individuals
Korea's Prudential Life Insurance up for sale
Korea's Prudential Life Insurance up for sale
Blockchain to become mainstream in finance
Blockchain to become mainstream in finance
HMRC lacks staff to investigate over 5.7 million offshore tip-offs
HMRC lacks staff to investigate over 5.7 million offshore tip-offs
  • Contact Us
  • Marketing solutions
  • About Incisive Media
  • Terms and conditions
  • Policies
  • Careers
  • Twitter
  • LinkedIn
  • Newsletters

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017
Loading