The Federal Government has agreed to established an enhanced public register of financial advisers.

However, it has yet to define “financial adviser”, meaning it is unclear who will be included on the list.

It follows a recommendation from the Senate Economics References Committee after its inquiry into the performance of the Australian Securities and Investments Commission.

The Financial System Inquiry has also called for an enhanced register, and it was a feature of the deal the Coalition struck with the Palmer United Party to secure the Future of Financial Advice amendments.

Finance Minister Mathias Cormann says a working group will consult with the industry on what the register should include.

The group will consider which details should be included for each adviser, what reporting obligations they will have and if they are responsible for data input.

“Our goal remains to ensure we have a robust but efficient financial services regulatory system,” Senator Cormann said.

“This is also why the Government will work with all relevant stakeholders on efficient and effective ways to continue lifting professional, ethical and educational standards across the financial advice industry.”

He says the working group will report to the Government next month.

The Financial Planning Association has welcomed the move.

“The register will also help weed out bad apples and provide protection for licensees, employers and ultimately the consumer,” CEO Mark Rantall said.

“An appropriate register will provide protection for consumers, enabling them to easily identify all licensed financial planners who have an agreed set of credentials.”