Key themes to emerge from taskforce

"Overall, most respondents considered there were gaps and issues in at least some aspects of current practice, predominantly in relation to information asymmetries, ineffective enforcement of obligations, and dispute resolution mechanisms," it says.

A number of industry responses also identified as an issue, if not the issue, the perception that there is low consumer confidence in the industry, and that regardless of whether in fact consumer confidence is low, the perception that it is requires response in itself.

The taskforce says that most respondents considered that a response in relation to at least some issues was justified or would be useful.

The issues of most widespread concern to respondents, and in respect of which there was most consensus across sectors, were:

• The lack of barriers to entry, in particular the absence of minimum entry standards. This was identified as an issue by responses across all sectors.
• Variable quality of advice/service and difficulties for consumers in understanding and distinguishing between quality standards. This was identified as an issue in responses from most sectors, and was of particular concern to advisers, industry organisations, product providers, and consumer representatives.
• Variable ability of consumers to assess quality of advice. This was identified as an issue in responses from all sectors.
• Lack of transparency and disclosure around fees, commissions, and adviser history. This was identified as an issue in responses from most sectors, and was seen as of particular concern by consumer representatives, dispute resolution bodies and regulatory bodies.
• Potential for conflicts of interest and a need for transparency around how they are managed. This was identified as an issue in responses across most sectors, and was seen as of particular significance by consumer representatives, industry associations, regulatory bodies and advisers.
• Shortcomings in current disciplinary, complaints and enforcement mechanisms. This was identified as an issue in responses across all sectors.

The paper was deliberately aimed at seeing if there is a problem to fix.

A summary of the key issues can be found