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Saving advice

Saving advice

December 5, 2022

Smarter compliance. While I unequivocally support Treasury’s ambition to refine the regulation of advice, the QAR’s proposals represent a retrograde step for both consumers and the emerging advice profession and one likely to lead to the re-emergence and dominance of the vertically-integrated licensees whose systemic and recurring misconduct was exposed by Commissioner Hayne’s review.
Compliance and cultural awareness

Compliance and cultural awareness

May 9, 2022

Smart Compliance people know that there are at least 113 million reasons to care about “compliance culture”. If you’re a Licensee, Responsible Manager or Practice Principal, ,you need to consider how you can best demonstrate a ‘good compliance culture’ and your commitment to ethics, accountability and professionalism
War Stories: ASIC Enforcement summaries

War Stories: ASIC Enforcement summaries

March 24, 2022

Smart compliance people understand that those that criticise ASIC’s passivity and inaction have very little appreciation of ASIC’s enforcement action. To help you understand the environment in which you’re operating we publish summaries of ASIC enforcement actions (and often address these in our webinars). This post covers July to September 2021.
"A cavalier attitude": ASIC, Doyle and RI Advice

“A cavalier attitude”: ASIC, Doyle and RI Advice

February 15, 2022

Smarter compliance. On 2 February 2022, Moshinsky J’s judgment outlined his reasons for the penalties imposed on RI Advice Group and John Doyle for their significant contraventions of the Corporations Act. You may consider this case, like every other case, to be unrepresentative of the advice industry but, even still, the judgment reiterates the clear expectations of advisers’ and licensees’ conduct and the real cost of “a cavalier attitude to compliance”. In this article, we’ll unpack the key messages and required actions.
Fraud: Victimless crimes and red flags

Fraud: Victimless crimes and red flags

December 8, 2021

Smart compliance people know that although fraud and serious fraud are relatively rare, it’s important to consider how Licensees can, and should, tweak their compliance arrangements (and nudge their staff) to improve their capacity to identify, and deter, internal fraud.
A significant impact: financial planning careers and convictions

A significant impact: financial planning careers and convictions

October 25, 2021

Smarter Compliance. We tend to avoid controversy, stay in our own lane and tread well-worn paths, but occasionally we like to draw your attention to matters that intrigue us. Recently, we stumbled onto the ATO’s position on remediation payments and, considering that some licensees have excluded advisers from the process, thought it best to alert you to some of the consequences with which you may have to deal.
The esoteric art of effective product replacement

The esoteric art of effective product replacement

October 11, 2021

Smart compliance people know that product replacement can be a little tricky; Do you need to compare? What do you compare? How do you compare? What do you do with the comparison? In this article, we’ll take a practical and values-based approach to product replacement and, hopefully, help you understand your obligations and others’ expectations.
Reforming Risk Practices: Life Insurance's Red October

Reforming Risk Practices: Life Insurance’s Red October

September 13, 2021

“INSURANCE, n. An ingenious modern game of chance in which the player is permitted to enjoy the comfortable conviction that he is beating the man who keeps the table.” — Ambrose Bierce, “THE DEVIL’S DICTIONARY” Subscribe No rest for the wicked With all the focus on Red October and its impact on financial advisers and licensees, it would be easy to imagine that Risk Advisers have been spared the profound changes bedevilling Investment Advisers and Financial Strategies. It would be easy to think that, but you’d be quite wrong. There are a number of legislative changes designed to drive profound

Tell me who are you?: Reference checking in financial services

Tell me who are you?: Reference checking in financial services

August 30, 2021

Reference checking is more than a recruitment formality. For financial services licensees, getting it right means asking the right questions, sharing relevant information and identifying adviser risks before they become your problem.
D and D for beginners: Product Design and Distribution

D and D for beginners: Product Design and Distribution

August 16, 2021

Smart compliance people know that while the new Design and Distribution Obligations predominantly affect Product Issuers, Distributors (including licensees and advisers) are also affected and so need to prepare. This article explores D&DO from the Distribution perspective and addresses the issues facing advisers and Licensees as October 5 rapidly approaches.

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