Financial advice must evolve to become a trusted profession if it is to survive, according to Financial Services Council (FSC) CEO Sally Loane.

“The advice industry as we know it today must be – and is being – transformed… [after] several recent major reviews that have left no doubt as to what needs to change,” she told an FSC lunch in Sydney last week.

“The game has changed. Structures have been and are still being built to achieve reform and protect consumer interests. It is imperative that Australians can trust the system, to ensure they get the quality advice and products they need to build secure futures.”

Ms Loane says the FSC supports reforms to deliver higher standards among financial advisers.

“There is bipartisan support for the adviser register, national exams, university degrees and an adherence to a code of ethics. The bar is being raised. The sector will evolve into a profession, as it must.”