How do we stop ‘rolling bad apples’? Asks Hayne
Royal Commissioner, Kenneth Hayne has directly questioned whether more should be done to prevent recalcitrant advisers moving from licensee to licensee.
Hayne asked AMP Limited acting chief executive, Mike Wilkins what could be done to deal with what he termed “the rolling bad apple”.
Wilkins said that AMP Limited had put the necessary protocols in place to deal with such advisers and that it had been an early signatory of the Australian Bankers’ Association (ABA) protocols relating to advisers moving between companies.
Asked by Hayne whether it was sufficient, Wilkins said it needed to be better monitored and with more obvious and quicker consequences.
However, when asked by Hayne whether there was justification for individual licensing of planners, he suggested this might be a step too far.
“It is probably a step too far and my view is that would be overly bureaucratic,” he said.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.