Sixty per cent of financial advisers are already taking some course of action to address the incoming professional standards legislation in 2019.
Last week the Financial Standard weekly readership survey asked 'As a financial adviser, what are you doing to meet the new professional standards?'
Twenty-four per cent of respondents suggested they are undertaking tertiary education, while 18% said they have partnered with a third party services provider to undergo further training. Another 18% said they have initiated "all of the above" including a review of industry code compliance.
The remaining 40% of participants said they are doing nothing, and it may indicate a portion of advisers feel they will adequately meet the professional standards.
Today we ask: 'Do you support the banks' crackdown on employee background checks?'
The question comes on the back of the Australian Bankers' Association introducing a new conduct background check protocol. It will allow banks to find out better information about a job applicant's past employment history and conduct record.
The process will involve a series of fact-based questions about employment history and conduct, including whether the applicant has been dismissed previously or resigned in circumstances relating to misconduct such as selling customer data, compromising customer security or wilfully and repeatedly breaching bank policies.
The Financial Standard weekly poll is open to all Financial Standard readers. A new poll will be published every Monday and stay open for a week. The results will then be published the following week.