Restoring planner trust a key priority
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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.