Most Influential: David Knott
DAVID Knott’s name is one that sits among the big names of financial services, despite the fact that he has not been actively involved in investment management for over three years.
Rather, Knott has for nearly two years held the leash of the industry watchdog, the Australian Securities and Investments Commission (ASIC), and as chair has been involved with boosting both its bark and its bite.
Knott first joined ASIC in mid-99 as deputy chair, but has in recent years taken ASIC beyond its role as a regulator and adopted a crusading stance on the issues of corporate governance, the quality of services and advice and the active policing of the financial services industry.
He has also overseen a watchdog that has adopted a more concillatory stance for those who make genuine mistakes but reserves nothing for those who set out to act unethically or intentionally flaunt its policies.
Given this is the same regulator that has been a key part in the roll out of the Financial Services and Reform Act (FSRA) and Policy Statement 146 (PS 146), Knott’s presence at the helm looms large not only over the financial services industry, but large parts of corporate Australia.
AUTHOR
Jason Spits
Recommended for you
At the halfway point of the year, consolidation pressures continue to drive financial services M&A with three areas identified as targets for asset and wealth managers, according to PwC’s mid-year outlook.
With advisers expressing a reluctance to invest in cryptocurrency, advised clients are tending to have a smaller allocation to the asset than their unadvised peers.
After surviving significant evolutions of the Australian financial advice industry, The Advisers Association is now celebrating a century of advocating for advisers.
ASIC is calling on licensees to review their client onboarding practices to avoid vulnerabilities associated with share sale fraud, noting particular concerns in the use of white labelling services.
