Morrison cites planners on fairness of BEAR
Bank executives caught up in the Government’s Bank Executive Accountability Regime (BEAR) are simply being treated the same way as financial planners, according to the Federal Treasurer, Scott Morrison.
Morrison has used national radio to claim that the arrangements imposed on bank executives under the BEAR are no more arduous than those already imposed on financial planners.
“… if you are a financial planner you have to be licenced. You face accountability when things go wrong. You can be deregistered; you can no longer work in your industry. But [for] senior banking executives, no current regime exists for that,” he said.
“You have to be accountable to your customers too if you are a financial planner but there are regulations that would bar people from industries where they do the wrong thing and misbehave in many other parts of our economy. But they don’t apply to senior bank executives. So we are changing that.”
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
AFCA has appointed a senior ombudsman specifically to specialise in Compensation Scheme of Last Resort complaints, with the scheme set to come into force on 2 April.
Wealth Data analysis has seen a “significant jump” in gross revenue per financial adviser at eight ASX-listed financial advice licensees, and detailed the range between highest and lowest revenues.
There is an opportunity for advice firms to improve their relationships with self-employed clients, as Business Health finds they report low satisfaction levels with their adviser’s performance.