Dalton Nicol Reid supports MDA review
Independent investment manager Dalton Nicol Reid has welcomed the regulator's consultative review of the growing managed discretionary account (MDA) sector.
The consultation paper — which was released earlier this month — proposes a number of changes to the guidance and relief for MDA operators, including revoking the two ‘no action' letters relating to discretionary management on platforms.
Dalton Nicol Reid chief executive Harley Dalton said the review would help to ensure the sector remains well-regulated and would provide investors with transparency when selecting an MDA operator.
He added that the guidance ensures that all MDA providers are subject to the appropriate level of regulation, which would help to build confidence in the market.
Recommended for you
The Financial Services Council has appointed a new deputy chair for its board.
ASIC chair Joe Longo has told compliance professionals they need an “attitude of compliance” beyond written policies, how can AFSLs achieve this without alienating their advisers?
Peri and menopause training founder and TV journalist Shelly Horton has hit back at calls for businesses to introduce menopause leave.
Pendal has told investors it will start winding up its Enhanced Credit fund from December, its third fund closure this year.