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
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
