Financial planning standard released
In a bid for more harmony in financial planning benchmarks, Standards Australia has released for public comment AS4559 2007, a new draft standard for personal financial planning.
Standards Australia says the draft – which covers process, ethics, competence and experience – was developed by financial planning experts, consumers and regulators.
Personal Financial Planning Committee Chairman David Williams says Australia is acknowledged as a leader in developing standards in this area.
He says the draft shows how international standards for personal financial planning can be adapted to national frameworks.
“The pace of change in the Australian financial industry is rapid, and the introduction of this standard for personal financial planning will provide consumers with greater confidence.”
He says rather than simply adopting the international ISO standard, the committee worked towards incorporating aspects of it into an Australian standard.
Industry, government and consumers are encouraged to comment on the draft by June 12.
Standards Australia says the draft – which covers process, ethics, competence and experience – was developed by financial planning experts, consumers and regulators.
Personal Financial Planning Committee Chairman David Williams says Australia is acknowledged as a leader in developing standards in this area.
He says the draft shows how international standards for personal financial planning can be adapted to national frameworks.
“The pace of change in the Australian financial industry is rapid, and the introduction of this standard for personal financial planning will provide consumers with greater confidence.”
He says rather than simply adopting the international ISO standard, the committee worked towards incorporating aspects of it into an Australian standard.
Industry, government and consumers are encouraged to comment on the draft by June 12.