The federal government has chosen several prominent superannuation industry figures to be part of its new 17-member panel on financial advice and professional standards.
HESTA Super Fund chief executive Anne-Marie Corboy, Colonial First State chief executive Brian Bissaker, Finsia head Martin Fahy and Self-Managed Super Fund Professionals’ Association of Australia chief executive Andrea Slattery were among those selected.
ASIC commissioner Greg Medcraft will chair the panel.
The panel was an important, early milestone in the government’s Future Of Financial Advice (FOFA) reforms, Financial Services and Superannuation Minister Bill Shorten said.
“The panel will play a key role in lifting the level of professional standards and promoting confidence in the financial advice industry. This is a major component of the Gillard government’s FOFA reforms,” Shorten said.
The panel will provide views on professional and ethical standards in the financial advice industry, including the possible development of a best practice guide for financial advisers.
It will also give input on competency requirements that must be satisfied by financial services professionals regulated by the Corporations Act and the training requirements for people providing financial product advice.
The new panel members also include National Australia Bank executive general manager Antony Cahill, AMP director of financial planning Steve Helmich, Association of Financial Advisers chief Richard Klipin, Choice chair Jenni Mack and FPA chief Mark Rantall.
The panel was expected to hold its first meeting before the end of the year, Shorten said.
