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
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
