Royal Commissioner, Kenneth Hayne has directly questioned whether more should be done to prevent recalcitrant advisers moving from licensee to licensee.
Hayne asked AMP Limited acting chief executive, Mike Wilkins what could be done to deal with what he termed “the rolling bad apple”.
Wilkins said that AMP Limited had put the necessary protocols in place to deal with such advisers and that it had been an early signatory of the Australian Bankers’ Association (ABA) protocols relating to advisers moving between companies.
Asked by Hayne whether it was sufficient, Wilkins said it needed to be better monitored and with more obvious and quicker consequences.
However, when asked by Hayne whether there was justification for individual licensing of planners, he suggested this might be a step too far.
“It is probably a step too far and my view is that would be overly bureaucratic,” he said.