After a spate of bad press following their disastrous showing in two recent surveys, financial planners have copped it again, with a senior Australian Securities and Investments Commission (ASIC) officer saying most of them will struggle with the disclosure requirements of the Financial Services Reform Act.

Pauline Vamos, ASIC’s Director Licensing and Business Operations, told Sunrise Exchange News that a large percentage of financial planners still fail to meet basic disclosure requirements, and many “haven’t come through” with their licensing progress.

“Many planners are finding the disclosure element of reform difficult and some are unsure of what they actually have to disclose,” Ms Vamos said. “There needs to be further unravelling between the ‘dealer’ level and the ‘adviser’ level.”

Last week Sunrise Exchange News reported that the Financial Planners Association had launched an ambitious national campaign to “raise the bar” of professional standards, and Ms Vamos seems to think that they probably need it.

Ms Vamos says ASIC will soon release a Policy Statement in relation to financial planners’ disclosure and licensing progression. She urged planners to lodge their licence applications before October in order to receive adequate help and support from the regulator.

“Some, but not all planners are having trouble crossing the t’s and dotting the i’s,” Ms Vamos said. “Transparency is also a big issue – so they need to get their head around legislation as soon as possible.”