Research reveals regulatory cracks
|
|
Despite Australia weathering the storm better than most, new research commissioned by the Financial Services Institute of Australia (FINSIA) claims the global financial crisis (GFC) exposed real cracks and weaknesses in the nation’s regulatory framework.
The FINSIA research, to be launched today by the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, was conducted by FINSIA, senior industry figures and Access Economics.
Commenting on the research, FINSIA chief executive Martin Fahy said while Australia’s robust regulatory framework has served it well during the GFC, it could not afford to be complacent.
He said the weaknesses that had been identified needed to be openly discussed and appropriately addressed but in the context of maintaining a healthy balance between regulation, efficiency and innovation.
The man who coordinated the inquiry and a former member of the Wallis Inquiry, Professor Ian Harper, said the report was based on the view that any proposed changes to Australia’s regulatory framework should be developed according to a consistent conceptual framework, built upon the findings of previous reviews of the sector.
He said this approach would reaffirm the existing strengths of Australia’s regulatory system while identifying areas of possible weakness that might need attention.
AUTHOR
Mike Taylor
Recommended for you
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
With many advisers preparing to retire or sell up, business advisory firm Business Health believes advisers need to take a proactive approach to informing their clients of succession plans.
Retirement commentators have flagged that almost a third of Australians over 50 are unprepared for the longevity of retirement and are falling behind APAC peers in their preparations and advice engagement.
As private markets continue to garner investor interest, Netwealth’s series of private market reports have revealed how much advisers and wealth managers are allocating, as well as a growing attraction to evergreen funds.
