Advice needs to get ahead of regulation
The advice industry needs to take a proactive approach to move ahead of regulation, Financial Planning Association of Australia (FPA) chief executive, Mark Rantall believes.
Speaking at the Money Management Life/Risk Remuneration Inside the New Framework, breakfast this morning, Rantall said all advice businesses across the country needed to embrace cultural change to promote professional behaviour.
"Advisers need to get ahead of the regulation and legislation," Rantall said.
He told delegates that advice groups of all sizes needed to focus and support cultural changes promoting ethical behaviour and ongoing education.
Rantall also backed calls for the separation of advise and product, making advice the product.
AUTHOR
Nicholas O'Donoghue
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
