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I'm Selin Ertac, Advisely compliance and advice process expert
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Is the SOA worth the paper it’s written on?
At more than 50 pages in length, statements of advice (SoAs) in their current form have become unwieldy documents that take at least 6.5 hours to produce and which many clients will never fully read. The shortcomings of the document are not lost on the industry, with a key recommendation of the Quality of Advice Review…
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The danger zone between general and personal advice
This article has been taken from the NMP education library which has now moved to Advisely The breaches involved two Westpac phone campaigns allegedly encouraging customers to roll their superannuation into Westpac-affiliated super accounts. These campaigns, ASIC said, resulted in a $650 million boost in Westpac’s FUM…
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When an email becomes a regulatory hand grenade
This article has been taken from the NMP education library which has now moved to Advisely In the Westpac case the High Court found that despite the disclaimers provided by the bank, their phone-based campaigns constituted personal advice. While this decision essentially just clarified the law as it was already written, it…
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Who gets a map in the misconduct maze?
This article has been taken from the NMP education library which has now moved to Advisely If ASIC’s goal is to make its regulatory framework appear less byzantine, though, the latest guidance on advisers’ new breach reporting obligations isn’t doing the regulator any favours. The refreshed obligations expand the…
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Making the right licensee choice
This article has been taken from the NMP education library which has now moved to Advisely The topic of licensing and the long-term sustainability of the established model certainly predates the Royal Commission and Australia’s big four banks moving to exit wealth management, but it’s fair to say those two events have…
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Putting the cart before the horse
This article has been taken from the NMP education library which has now moved to Advisely The AFA believe many requirements under current financial advice legislation, including annual renewal and the use of financial services guides, as “additional layers of bureaucracy [introduced] with little consideration of the…
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The legacy of the Storm collapse
This article has been taken from the NMP education library which has now moved to Advisely. The ALRC’s background paper, Risk and reform in Australian financial services law, addresses the ways in which financial services legislation has failed to adapt to “changes in regulatory philosophies.” This failure, the paper…
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The good, the bad and the banks
This article has been taken from the NMP education library which has now moved to Advisely It’s no surprise, then, that simplification appears to be the overarching objective of Quality of Advice reviewer Michelle Levy’s paper. And many of the recommendations contained therein, such as scrapping SOA and ROA requirements…
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“Good advice” and the spectre of vertical integration
This article has been taken from the NMP education library which has now moved to Advisely If you’ll excuse the unintentional rhyme, that sentence more or less encapsulates one of the most pertinent concerns about the overhauled regulatory model for financial advice laid out in Michelle Levy’s Quality of Advice proposals…
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Why you can’t let regulation run your business
This article has been taken from the NMP education library which has now moved to Advisely In her 35 years as an adviser, 26 of which have been spent as principal of Integra Financial Services, she’s always tried to anticipate what’s coming next – whether that’s a big piece of legislation, the new standard business model…
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The impossible standard
This article has been taken from the NMP education library which has now moved to Advisely Not long ago, we discussed Michelle Levy’s Quality of Advice review proposals paper and one of the most significant ideas therein – effectively scrapping the best interests duty and replacing it with an overarching obligation to…
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Self interest versus best interest
This article has been taken from the NMP education library which has now moved to Advisely The report contains 13 primary recommendations. These include an expansion of the definition of personal advice – it would cover any financial product advice given on a personal basis by a provider who has information about a…