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Recent Articles

7 ways to pick a better Adviser (Part One)

June 2, 2014

Smarter Compliance. Most Australians would significantly benefit from receiving financial advice, but relatively few ever receive the financial advice they need. Cost, complexity, inconvenience and apathy all play their part, but consumer apprehension, the fear of being “ripped off”, is also a significant contributor to this outcome. This article won’t provide personal recommendations, but it will outline seven practical considerations that would help identify a better financial adviser. Individually, none of them is sufficient, but together these seven aspects will help weed out the pretenders and point consumers in the direction of the professional advice they need.

Gliding over all: Beyond Banking Bad

May 10, 2014

Smarter Compliance. Although it’s difficult to assess its impact on the broader community, there is little doubt that Four Corners’ “expose” of Commonwealth Financial Planning generated contemplation, conversation and consternation in the financial services industry. The recent story “ Banking Bad” by Adele Ferguson and Deb Masters focused on the sales-driven culture inside the Commonwealth Bank's financial planning division; but it also raised additional questions about the structure and composition of the broader advice industry.

Crises of culture

April 12, 2014

Smarter Compliance. A recent report on the financial services industry noted that while industry executives "champion the importance of ethical conduct …. they struggle to see the benefits of greater adherence to ethical standards". So how do we reconcile statements that "ethical conduct is just as important as financial success at their firm" with acknowledgements "that strict adherence to such codes [makes] career progression difficult." What does this contradiction really mean for Compliance Managers and shareholders?

Commonwealth Financial Planning v Couper: An Insider’s view

March 26, 2014

Smarter Compliance. Martin Culleton, a Partner with regional law firm RMB lawyers, was the solicitor for Noel Stevens (and then the estate of Noel Stevens) who took on Commonwealth Financial Planning over inappropriate advice, secured a decision in his client’s favour and successfully defended CFP’s appeal against the initial judgment. In this post Culleton talks about Commonwealth Financial Planning v Couper, compliance, conflict and the specific challenges faced by advisers within vertically integrated businesses.

Hanging out with Nudists: Data, Tech and the Privacy Act

March 17, 2014

Smarter Compliance. In Australia, 12 March 2014 marked the commencement of a more robust privacy regime for businesses and organisations as changes to Privacy Act 1988 commenced. From this date 10 National Privacy Principles and 11 Information Privacy Principles were harmonised into 13 Australian Privacy Principles. This article explores the consequences and implications of these changes. #seemore

Risk Advice and Advice Risk: 6 Lessons from Couper

February 1, 2014

Smarter Compliance. In the context of Commissioner Kell's crusade against commissions, churn and conflicts, risk advisers' processes have started to attract a heightened degree of regulatory attention. Despite the expected legislative roll back of some FOFA elements, regulatory scrutiny of risk advice is only likely to increase in the wake of the New South Wales Court of Appeal's decision in Commonwealth Financial Planning Limited v Couper [2013] NSWCA 444. This article considers what FOS, ASIC and PI Insurers are likely to take from this decision and suggests steps Advisers should take in response.

Talking the walk: a Christmas gift for financial planners

January 11, 2014

Smarter Compliance. In the last days of 2013, the Assistant Treasurer, Senator Arthur Sinodinos, announced a number of proposed refinements to the some of the key elements of FOFA - including "opt in", Fee Disclosure Statements and Grandfathering. This article addresses the proposals and their likely impact on consumers, advisers and the advice profession.

The Compliance Audit: Ten “red flags” for Reviewers

December 31, 2013

Uncovering misconduct Despite the recent coverage, there’s no fraud epidemic in financial services; but it’s inarguable that the increased reporting undermines public confidence in the advice profession. Accordingly, Licensees (and advisers) need to do more to detect, prevent and mitigate fraud. Personally, I am surprised by the view that Licensees’ Compliance Teams “can never detect fraud” or criminal activity.  In reality, most adviser fraud is relatively unsophisticated and, even with the effort taken by fraudsters to conceal their contraventions, I believe that Licensees can improve their capacity to detect misconduct. Even in the absence of specialist compliance systems, a Licensee

The creeping cost of fraud

December 31, 2013

Smart compliance people know that although adviser fraud has a broad impact on Licensees, the industry and consumers, it also has a more profound and pervasive impact than is publicly acknowledged.

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