Industry buffeted by FOFA and debt crisis
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As 2011 draws to a close, 4 minutes takes a look back at some of the major events that have shaped the financial services industry over the past 12 months.
It has been a year of political debate and fierce lobbying around the upcoming Future of Financial Advice and Stronger Super reforms. The financial planning industry was outraged by some of the lobbying tactics employed by the Industry Super Network, whose "Compare the Pair" advertising campaign is currently being reviewed by the corporate regulator.
It has also been a year of mergers and acquisitions, with the independent dealer group market losing a couple of big players to the institutions.
As a result, executives have also decided to flee - with some scoring big new gigs, while others are still in-between gigs.
Meanwhile, markets have remained volatile, mostly due to the sovereign debt saga unfolding in Europe and the US.
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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.
