Michael Dowling pointed to Canadian advisers’ association Advocis, which is lobbying for increased standards for financial advisers in that country.

Its vice-president of regulatory and public affairs, Ed Skwarek, said advisers needed stricter standards, to be able to justify consumer confidence. “In a country which has professionalised everything from accountants to veterinarians, it is surprising that anyone can hold themselves out as a financial adviser, regardless of training, licensing or financial acumen,” he said.

Skwarek’s organisation wants it to be mandatory for all advisers to be members of an accredited professional body, which would then be responsible for ensuring they met standards such as continuing professional development.

Dowling said there was a strong focus around the world on raising the professional bar and greater consumer protection through higher standards for advisers. Australia was going through a similar evolution.

Dowling was at a conference in China at the end of last year where it was made clear how strong the drive in that country is for comprehensive ethics training requirements for financial planners. “There’s also a lot of anti-corruption regulation coming through.”

He said ethics requirements had been mandated in the past but had fallen by the wayside. “It may be something to pick up again.”

IFA is involved in a joint venture with the Institute of Business Ethics to deliver business ethics training to its memberships.

Dowling said the courses that had been run so far had been well attended and he expected interest to increase over the coming year.

“It’s time to recognise the interest in ethical training and the international move to encourage self-regulation and improve minimum qualification requirements. I’m sure the FMA is across this stuff and keeping it in mind with the review [of the FAA]. Internationally, there are a number of different issues put forward by various territories but they could up with similar perceptions of what the solution might be.”