Govt needs to show regulatory restraint, says Zurich
Zurich Australia has called on the Government to show restraint in its drive for regulatory reform of the financial services industry.
Regulatory reform must be balanced and must not stifle customer centricity, innovation, choice and competition, said Zurich Financial Services Australia chief executive David Smith.
“Few areas have been spared, with reports and proposed legislation flowing freely,” Smith said. He said while this is understandable given the tumult of the global financial crisis, reform should promote the interests of consumers as well as recognise the interests of all stakeholders.
Smith said Australia is currently seen by overseas investors as overregulated and a hard place to do business.
“The hallmarks of our economy and society are customer centricity, innovation, choice and competition delivered through the free market, with government intervention to correct anomalies,” Smith said. “We need to ensure that regulatory reform stifles none of these things, nor promotes one at the expense of others.”
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
