Advisers register will lift trust: bankers

Bankers have thrown their support behind a financial advisers register, saying it will raise the professionalism of the industry.

The Abbott government sought to establish a register last October in the wake of a series of financial scandals, including one involving advisers from one of the nation's largest banks, the Commonwealth Bank.

The Australian Securities and Investments Commission said last week it expected to have an industry-wide register up and running at the end of March.

The Australian Bankers' Association says a financial adviser register will enhance transparency and go a long way toward improving practices in the financial advice industry.

"It will help consumers to validate that their financial adviser is licensed, authorised and appropriately qualified to provide personal advice on investment products," its executive director for retail policy, Diane Tate, said in a statement.

The register will contain details of everyone employed or authorised by Australian financial services licensees who are authorised to provide personal financial advice to retail customers.

Ms Tate said financial advice helps Australians build their wealth, prepare for retirement and secure a strong future.

"To ensure the best outcomes for consumers, it is important for the financial services industry to work collaboratively with government on building confidence and trust in financial advice," she said.