Disaster plan revealed
Richard Gilbert
The Investment and Financial Services Association(IFSA) has issued a plan to guide the industry in the event of a major disaster, such as a terrorist attack, earthquake, tsunami or the outbreak of a potentially devastating epidemic.
‘IFSA Guidance Note No. 23.00’ was released in response to industry demand for a formalised plan to help financial service professionals cope in times of crisis.
The guidance note sets out criteria for activating the disaster plan, IFSA members’ required responses, the required content of a major disaster report to be prepared by IFSA, the crisis management team (comprised of key industry members) and how to manage the issues that may arise.
IFSA chief executive Richard Gilbert said that, in the event of a major disaster, a co-ordinated industry approach to trading, pricing, claims, redemptions and applications was imperative.
“The disaster plan puts in place a mechanism for responding to a major disaster, or the likelihood of a major disaster, especially in the initial stages. [It] will form the basis of IFSA’s liaison with important stakeholders such as the ASX, banks, the government, agencies, regulators and other relevant industry associations.”
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
