The financial services industry has welcomed the Australian Securities and Investments Commission’s (ASIC) plans for a new adviser register.

Financial Services Council CEO John Brogden says the register will feature more information than previously announced.

ASIC has “significantly expanded the initial proposal to include details on financial advisers and their employers which have not previously been available”, he said.

“It is critical consumers know as much as they can about the adviser they are considering engaging. We are pleased that the register will disclose the ultimate owner of the licensee and the parent company.”

Association of Financial Advisers (AFA) National President Deborah Kent also welcomes the inclusion of professional association membership.

“Consumers will now be able to recognise the importance of professional membership of an association such as the AFA,” she said.

“They will understand our members are accountable to the AFA code of conduct, and this will enhance confidence that the adviser is working in their best interests.”

Financial Planning Association CEO Mark Rantall says consumers will benefit from easy access to vital information on advisers.

“The register will help people identify licensed financial planners with the best credentials,” he said. “It will also help weed out bad apples and provide protection for licensees, employers and Australians seeking financial advice.”

Advisers will pay $5 a year more to lodge their licence returns, to fund the $5 million upgrade to ASIC’s register.

Mr Brogden says this is acceptable considering the benefits it will bring.

“The register is an important service to consumers, which the industry will be pleased to fund,” he said.