ANZ still preparing for opt-in
ANZ general manager advice and distribution Paul Barrett said ANZ would need further information on what constitutes a professional code of conduct before they made any further plans regarding opt-in.
In response to the opt-in class order relief announced by the Minister for Financial Services and Superannuation, Bill Shorten, yesterday, Barrett said that a professional code of conduct was definitely a good thing, but further details were needed as to how practitioners would meet the code of conduct.
Speaking yesterday prior to last night's Future of Financial Advice vote in Parliament, Barrett said the Australian Securities and Investments Commission's interpretation of what constitutes a code of conduct, as well as any built-in opt-in requirements, are concerns he would raise.
"If ASIC have a view that meeting a professional code of conduct should include some form of opt-in, then what relief is there really?" Barrett said.
"That's the level of detail we need to see before we pass our final views on this."
He said the only code of conduct he knew was the Financial Planning Association.
"I imagine professional association [membership] would be required, and who can form professional associations and who meets those requirements today is an instant question."
ANZ is already geared to implement opt-in by the previous cut-off date of 1 July, but Barrett said the announcement still alleviated some of the associated pressures.
"I am absolutely rapt that sanity has prevailed and we've 12 months to get our heads around some of these things and time to put technology solutions in place," he said.
Regardless of any extension or changes to the implementation of opt-in, Barrett said he was sure of one thing.
"As a business operator and as a marketer, you've got to get on with it anyway, so for us we're focusing on implementation of opt-in," he said.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
