The Australian Securities and Investments Commission has announced the next phase of its consultation with the financial advice industry regarding its proposal to implement a national examination for financial advisors is now open.

 

AISC will hold discussions with industry participants about the potential for setting a national self-regulatory organisation (SRO) to develop and administer the exam.

 

"It is important that the national exam is driven by, and developed with, industry"’ ASIC Chairman Greg Medcraft said.

"Continuing our consultative approach to improving the quality of advice provided to retail investors is a priority."

 

ASIC has announced it would have a strong relationship with any SRO because of the commission's overall responsibility for the standards in the retail advice sector and would assist by contributing research and guidance.

 

"Financial investors and consumers need to be confident and informed when planning for their future and having a national exam for financial advisers is an important part of making this happen," Mr Medcraft said.