“Improving transparency will help drive improvements in consumer confidence in the financial advice industry and ensure people receive advice they can trust.
“It is critical that Australians have unhindered access to information on their financial adviser and the company employing the adviser.”
Finance minister Senator Mathias Cormann
“A register in which Australian consumers could look up and see what ... record financial planners have is no replacement for laws to stop unethical and poor financial advice been given in the first place.”
Opposition treasury spokesman Chris Bowen
“Whilst it has name, rank and serial number almost for financial advisors across the country, it certainly doesn't reveal what is one of the absolutely critical pieces of information.
And that's around the nature of the payments that financial advisers are receiving.”
National Seniors chief executive Michael O'Neill.
“The register is designed for people to be able to search it in a user friendly way. To start putting additional information in there at this point in time, is just not practical. It would be almost unusable.”
Financial Planning Association CEO Mark Rantall
“The banking industry has been working with the government to assist with the development of the register and will continue to support this initiative through implementation.
“Banks recognise the need for industry to drive change and are strongly committed to improving the quality, availability and affordability of financial advice and building confidence and trust in financial advice.”
Australian Bankers Association acting CEO Diane Tate.