Advocacy
CFA Society Australia and CFA Institute collaborate to advance and promote policies that serve investor protection over commercial interests; we support the creation and adoption of rules and regulatory standards that improve market structure, transparency, and fairness for all investors with the intent to expand investment industry professionalism.
Market Integrity and Advocacy
We are actively involved in shaping public policy that strengthens investor confidence and market integrity around the world.
CFA Societies Australia has collaborated with the Conexus Institute on a research project exploring the challenges associated with portfolios allocating to illiquid assets. The output is a range of resources (models, papers, presentations and videos), all made open source. The purpose of the research is to stimulate dialogue, discussion, and further research on the issues presented.
Access our media release HERE
Access the research findings, case studies, models and a webinar presentation HERE
Hayne Royal Commission
August 2018 CFA Societies Australia submission to Hayne Royal Commission
FASEA
August 2018 Foreign Qualification – FASEA Submission
August 2018 CPD – FASEA Submission
July 2018 Financial Adviser Examination – FASEA Submission
June 2018 Proposed Education Pathways – FASEA Submission
June 2018 Code of Ethics – FASEA Submission
Financial Systems Inquiry
ASIC
November 2017 – ASIC Submission
May 2013 – ASIC Submission Dark Pools
Treasury
Climate Related Financial Disclosure: Joint Peak Bodies Submission
September 2022 Consultation Response to Australian Treasury: Quality of Advice Review
September 2022 Consultation Response to Australian Treasury: Education Standards Financial Advisors
The Financial Adviser Standards and Ethics Authority (FASEA) has ceased operations.
Information on the education requirements for financial advisers can be found at the Treasury website
The CFA charter is recognised for one unit of credit towards the education requirements.
CFA Societies Australia and CFA Institute made submissions to the Treasury review of education pathways for financial advisers in 2022, seeking greater recognition for the CFA charter. Treasury have yet to announce what the new education pathways will be, and if there is any change for CFA charterholders we will communicate this change to all members.
Herewith are our latest submissions to the Treasury:
September 2022 Consultation Response to Australian Treasury: Quality of Advice Review
September 2022 Consultation Response to Australian Treasury: Education Standards Financial Advisors
As the professional body for the investment management industry in Australia, CFA Societies Australia and CFA Institute share a mission to promote the highest standards of ethics, education and professional excellence in the investment management profession, for the ultimate benefit of society.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Hayne Royal Commission) has shone a spotlight on many areas of financial services where the rights of investors have been compromised. We are therefore advocating for policy changes to firmly address this issue in line with our mission.
It is imperative that decisive, visible actions are taken to restore public trust and confidence. We believe that policy needs to focus on several key areas to improve the outcomes for clients of financial advice firms. These include strengthening best interest duty and ensuring appropriate consequences; outlawing conflicted remuneration practices; ensuring independence of advice; and the professionalisation of the financial advice industry.
These changes will improve the public perception of the industry, allow more equitable fees for services provided and help to deliver better outcomes for the investing public. These changes together go to the heart of the culture we have seen to be operating in parts of the industry – bringing together regulation, systems and behaviours to create a stronger and fairer financial services sector.
Our response to the Hayne Royal Commission is informed by the views of senior industry participants and CFA charterholders working across the investment management industry, including members of the national Advocacy Council. It reviews the findings of the many previous formal reviews into the sector and the lack of meaningful and effective change that followed those reports.
Read more:
- Professionalising Financial Advice(full report)
- Media Release
- Infographic of our 10 policy recommendations
- Codes and standards to support industry change
- CFA Societies Australia submission to the Hayne Royal Commission (August 2018)
- An insight analysis of the Royal Commission into misconduct of the Banking, Superannuation and Financial Services Industry (2019)
In April 2011, the Australian Securities & Investment Commission’s (ASIC) issued Consultation Paper 153 outlining a proposed framework intended to maintain and enhance the competence of financial advisers.
This consultation paper seeks feedback on a proposed assessment and professional development framework for financial advisers in Australia. The proposed framework is intended to enhance and maintain the competence of financial advisers, lead to improvements in the quality of advice, and increase consumer confidence. The paper includes an outline of the current training and competence requirements for financial advisers under Regulatory Guide 146 Licensing: Training of financial product advisers (RG 146), we have undertaken an informal consultation and proposed a three-stage assessment and professional development framework.
Subsequent to initial responses from CFA member societies in Australia, ASIC issued additional questions.
CFA Societies Australia responses to additional ASIC Consultation Paper questions
On 25 September 2013, CFA societies in Australia responded to ASIC Consultation Paper 212 – Licensing: Training of financial product advisers – Update to RG 146.
CFA Societies Australia response to Consultation Paper 212
Policy Research and Advocacy
CFA Institute works to advance and promote policies that serve investor protection over commercial interests. We support the creation and adoption of rules and regulatory standards that improve market structure, transparency, and fairness for all investors with the intent to expand investment industry professionalism. We also take positions on key issues by engaging in evidence-based advocacy, calling on the collective knowledge of our members and a diverse network of experts.
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