Adviser groups have backed a parliamentary committee recommendation to introduce an independent industry professional standards body.

Both the Financial Planning Association (FPA) and Association of Financial Advisers (AFA) have welcomed recommendations from the Parliamentary Joint Committee on Corporations and Financial Services.

They include a proposal to improve professional standards through an industry standards body to enforce fiduciary and ethical responsibilities for financial planners.

The Ripoll inquiry also recommends the relationship between a financial planner and the client be bound by a fiduciary duty of care.

“Customers can feel more secure, knowing that the financial advice provided is protected by a legal or regulated mandate,” FPA CEO Jo-Anne Bloch said.

The AFA also welcomed the inquiry’s recommendations.