Research reveals regulatory cracks

global-financial-crisis/chief-executive/

13 October 2009
| By Mike Taylor |
image
image
expand image

Despite Australia weathering the storm better than most, new research commissioned by the Financial Services Institute of Australia (FINSIA) claims the global financial crisis (GFC) exposed real cracks and weaknesses in the nation’s regulatory framework.

The FINSIA research, to be launched today by the Minister for Financial Services, Superannuation and Corporate Law, Chris Bowen, was conducted by FINSIA, senior industry figures and Access Economics.

Commenting on the research, FINSIA chief executive Martin Fahy said while Australia’s robust regulatory framework has served it well during the GFC, it could not afford to be complacent.

He said the weaknesses that had been identified needed to be openly discussed and appropriately addressed but in the context of maintaining a healthy balance between regulation, efficiency and innovation.

The man who coordinated the inquiry and a former member of the Wallis Inquiry, Professor Ian Harper, said the report was based on the view that any proposed changes to Australia’s regulatory framework should be developed according to a consistent conceptual framework, built upon the findings of previous reviews of the sector.

He said this approach would reaffirm the existing strengths of Australia’s regulatory system while identifying areas of possible weakness that might need attention.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months 1 week ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

3 weeks 1 day ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

2 weeks ago

One licensee has lost 27 advisers in the past week, now sitting at zero, according to the latest Wealth Data figures....

3 weeks 1 day ago

TOP PERFORMING FUNDS