The Federal Government has issued a statement in response to reports that it is trying to water down reforms including the creation of the Financial Adviser Register.

Fairfax Media reports this week say an exposure draft that appeared late last week showed Treasury efforts to keep some fundamental pieces of information off the national register.

The reports said the Government did not feel it necessary to publish a financial planner's qualifications or whether they belong to a professional body.

The Sydney Morning Herald reported that the draft said “it is intended the register will, in time, also contain educational qualifications and professional association membership information”, but that any changes would “require further amendments to the Principal Regulations”.

The story led Finance Minister Mathias Cormann to issue a departmental statement saying: “Contrary to inaccurate assertions ... the Government remains fully committed and on track to deliver on its enhanced, industry-wide public register of financial advisers by March 2015”.

“As previously announced, the detail and content of this register was informed by the recommendations of an expert industry working group convened by the Government, which included relevant financial services industry stakeholders, as well as consumer and academic representatives.”

He said when the list is launched in March 2015, the register of financial advisers will include:

  • the adviser's name, registration number, status, and experience;
  • the adviser’s qualifications and professional association memberships;
  • the adviser's licensee, previous licensees/authorised representatives and business name;
  • what product areas the adviser can provide advice on;
  • any bans, disqualifications or enforceable undertakings; and
  • details around ownership of the financial services licensee and disclosure of the ultimate parent company where applicable

“We are working with all relevant stakeholders on efficient and effective ways to lift professional, ethical and educational standards across the financial advice industry,” Cormann’s statement said.

“As we progress relevant improvements, in particular to educational standards, those improvements will immediately be reflected as appropriate within the structure and operation of the financial adviser register.”