New Adviser Register To Be Funded By Industry

October, 2014

The Federal Government announced that a register of financial planners will be established by early next year. The cost of the register is estimated around $5million and funded (in part at least) by Australian Financial Services licensees through a $5 increase in their annual fees. As at today’s date there are only around 5000 licensees in Australia, leaving a significant funding shortfall. This may mean that licensees could be liable for more of the cost or that funding will need to come from other (as yet undetermined) sources. Stay tuned.

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