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<p>Published empirical research (<xref ref-type="bibr" rid="j_fprj-2020-0003_ref_096">McInnes 2020</xref>) proves licensing financial advisers through multiple profit-driven Australian Financial Services licensees contributes to conflicts of interest by association. Government’s response is to regulate advisers by adopting a single disciplinary body (<xref ref-type="bibr" rid="j_fprj-2020-0003_ref_066">Frydenberg &amp; Hume 2019</xref>) to professionalise advisers like established professions. This paper supports Government’s move to implement this body (<xref ref-type="bibr" rid="j_fprj-2020-0003_ref_156">Taylor 2020c</xref>; <xref ref-type="bibr" rid="j_fprj-2020-0003_ref_092">Maddock 2020</xref>), albeit delayed by COVID-19 (<xref ref-type="bibr" rid="j_fprj-2020-0003_ref_154">Taylor 2020a</xref>), by using the evidence published in a Routledge book (<xref ref-type="bibr" rid="j_fprj-2020-0003_ref_096">McInnes 2020</xref>). It aims to motivate advisers to work with policymakers to reshape financial advice into a true, accredited profession to address the problem of conflicted association, to make advice accessible (<xref ref-type="bibr" rid="j_fprj-2020-0003_ref_093">Marsh &amp; Phillips 2019</xref>) and conflict free, while also dismantling costly compliance legislation (<xref ref-type="bibr" rid="j_fprj-2020-0003_ref_147">Smith &amp; Sharpe 2020</xref>).</p>
</abstract>

Published empirical research (McInnes 2020) proves licensing financial advisers through multiple profit-driven Australian Financial Services licensees contributes to conflicts of interest by association. Government’s response is to regulate advisers by adopting a single disciplinary body (Frydenberg & Hume 2019) to professionalise advisers like established professions. This paper supports Government’s move to implement this body (Taylor 2020c; Maddock 2020), albeit delayed by COVID-19 (Taylor 2020a), by using the evidence published in a Routledge book (McInnes 2020). It aims to motivate advisers to work with policymakers to reshape financial advice into a true, accredited profession to address the problem of conflicted association, to make advice accessible (Marsh & Phillips 2019) and conflict free, while also dismantling costly compliance legislation (Smith & Sharpe 2020).

The Australian Government is Justified in Establishing a Single Disciplinary Body

Financial Planning Research Journal

This work is licensed under the Creative Commons Attribution 4.0 International License.

Published empirical research (McInnes 2020) proves licensing financial advisers through multiple profit-driven Australian Financial Services licensees...

The Australian Government is Justified in Establishing a Single Disciplinary Body

Published Online: Mar 19, 2024

Page range: 40 - 73

Received: Jun 17, 2020

Accepted: Nov 20, 2020

DOI: https://doi.org/10.2478/fprj-2020-0003

© 2020 Angelique McInnes, published by Sciendo

This work is licensed under the Creative Commons Attribution 4.0 International License.