Restoring trust in financial advisers through professional standards has been voted the most important challenge facing the industry at Money Management's Fintech Platforms and Wraps Conference on the Gold Coast.
Two-thirds of delegates to the conference ranked the restoration of trust in financial advice through higher professional standards ahead of other issues including embracing innovation and preparedness for disruption.
Asked to rank the issues, more than 70 per cent of delegates listed the restoration of trust as the priority issue needing to be addressed by the industry, well ahead of other factors such as such eliminating ambiguity in compliance requirements.
Delegates voted on the trust and professional standards issue after hearing from Australian Securities and Investments Commission (ASIC) senior executive leader, Ged Fitzpatrick about the current regulatory focus including ASIC’s approach to managed discretionary accounts (MDAs).
It also came a day after answers provided by ASIC to Senate Estimates revealed a continuing focus on life/risk churn and breach notifications by the major institutional players.