The Financial Services Council (FSC) has launched a “trustmark” to help consumers identify quality financial products and services.

The mark will be introduced from the beginning of January and will impose a number of additional obligations on financial service providers.

Companies which use it must be a member of the FSC and adhere to 16 standards. The FSC will have the power to review the compliance of member products and services bearing the Trustmark, including undertaking risk and complaint-based external audits.

FSC CEO John Brogden says the Trustmark will improve consumer confidence following the collapse of financial service providers such as Storm Financial.

“This has left many Australians wary of investing and in need of a signpost for financial products and services that are committed to high quality, transparency and bound by high standards,” he said.

“The introduction of the Trustmark is a positive move to ensure tighter compliance with standards and will provide Australians with the confidence they need when making financial decisions.”