Restoring planner trust a key priority


Restoring trust in financial advisers through professional standards has been voted the most important challenge facing the industry at Money Management's Fintech Platforms and Wraps Conference on the Gold Coast.
Two-thirds of delegates to the conference ranked the restoration of trust in financial advice through higher professional standards ahead of other issues including embracing innovation and preparedness for disruption.
Asked to rank the issues, more than 70 per cent of delegates listed the restoration of trust as the priority issue needing to be addressed by the industry, well ahead of other factors such as such eliminating ambiguity in compliance requirements.
Delegates voted on the trust and professional standards issue after hearing from Australian Securities and Investments Commission (ASIC) senior executive leader, Ged Fitzpatrick about the current regulatory focus including ASIC’s approach to managed discretionary accounts (MDAs).
It also came a day after answers provided by ASIC to Senate Estimates revealed a continuing focus on life/risk churn and breach notifications by the major institutional players.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.