Disaster plan revealed
Richard Gilbert
The Investment and Financial Services Association(IFSA) has issued a plan to guide the industry in the event of a major disaster, such as a terrorist attack, earthquake, tsunami or the outbreak of a potentially devastating epidemic.
‘IFSA Guidance Note No. 23.00’ was released in response to industry demand for a formalised plan to help financial service professionals cope in times of crisis.
The guidance note sets out criteria for activating the disaster plan, IFSA members’ required responses, the required content of a major disaster report to be prepared by IFSA, the crisis management team (comprised of key industry members) and how to manage the issues that may arise.
IFSA chief executive Richard Gilbert said that, in the event of a major disaster, a co-ordinated industry approach to trading, pricing, claims, redemptions and applications was imperative.
“The disaster plan puts in place a mechanism for responding to a major disaster, or the likelihood of a major disaster, especially in the initial stages. [It] will form the basis of IFSA’s liaison with important stakeholders such as the ASX, banks, the government, agencies, regulators and other relevant industry associations.”
Recommended for you
With regional and rural suburbs exhibiting high spare capacity to invest, Money Management speaks to three regional advisers on the opportunities beyond the major cities and the importance of a strong network.
Platform consolidation is expected to accelerate among financial advisers this year, as software company Finura pinpoints which two platforms are set to be the winners, thanks to this trend.
The software provider has made several appointments in its APAC wealth propositions team, with a focus on driving growth across digital advice, Xplan and strategic partnerships.
The platform has announced it plans to close its Xplore managed discretionary account service in 2026 which holds $2 billion in funds under administration.
