-
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…
-
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…
-
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…
-
“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…
-
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…
-
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…
-
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…