Personal financial planning standard assists international harmonisation
Standards Australia has released a new draft Australian Standard for Personal Financial Planning (AS 4559 – 2007) for public comment. The draft Standard, developed by the personal financial planning industry including consumers and regulators, articulates international leading practice for the service of personal financial planning in Australia.
According to Standards Australia, Australia is acknowledged as a leader in developing Standards for personal financial planning. The work it was doing demonstrates how the international standard for personal financial planning can be adapted to harmonise with existing national frameworks.
Rather than adopting the international ISO Standard, the Australian Committee has worked towards incorporating aspects of the ISO Standard into an Australian Standard with appropriate improvements to reflect the different and more sophisticated Australian consumer and regulatory environments and to afford better protection to consumers.
The pace of change in the Australian financial industry is rapid, the introduction of this Australian Standard for personal financial planning will provide consumers with greater confidence in the Australian personal financial planning industry.
The proposed Australian Standard provides an industry-owned, flexible framework to assist practitioners to provide quality personal financial planning services in Australia.
The draft Australian Standard personal financial planning covers:
Process;
Ethics;
Competence; and
Experience
The public comment period is an important phase in developing Australian Standards. Industry, government and consumers are encouraged to view and comment on the draft Australian Standard for Personal Financial Planning (DR07151) before 12 June 2007.
5-Jun-2007