NMPE ReVue – Thursday, December 19

Alex Burke,  Senior Writer,  No More Practice Education

Legislators ignoring advisers' concerns

Founder of PFM Australia and former financial planner Barry Daniels recently outlined the true costs of recent reforms which have left advisers "exhausted and spent physically, financially and mentally."

He argued: "Very few legislators see (or even appreciate) the world through the eyes of self-employed financial planners dedicated to protecting the financial well-being of clients – as employers providing jobs – contributors to the economy as tenants and customers buying equipment, cars, etc."

"All this," he continued, "while simultaneously being forced to deal with nearly two decades of unrelenting reforms, scrutiny, new processes, compliance and unprecedented administrative burden that commenced in 2001."

Ultimately, Daniels said this will lead to consumers being forced to pay more for advice, a significant reduction in the overall number of financial advisers and increased cost to taxpayers "through the inevitable decline in insurance coverage leaving those who have been beset with illnesses and disablement to lean even more on the public purse."

ASIC revamps internal governance post-Commission

ASIC recently updated its internal governance framework in response to recommendations from the Royal Commission.

The regulator's chair, James Shipton, said the changes "[reflect] the importance ASIC places on transparency, regulatory integrity and effective oversight and management of its functions and responsibilities."

These changes include an updated committee structure "to strengthen oversight of executive actions and assist the Commission in the performance of its responsibilities," as well as accountability statements for executive directors and commissioners that "identify core responsibilities and individual accountabilities."

The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice Education Pty Ltd or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here

Liked this article? Let us know [likebtn theme="drop" dislike_enabled="0" icon_dislike_show="0" position="top"]

Want more of the latest in opinions, expert insights and training?

Subscribe to our free eNewsletter now

/ Related content

The importance of saying no

When navigating the new advice landscape, learning to say no will be jus....

NMPE ReVue - Tuesday, December 17

In today's ReVue, we examine:

Leave a comment /

Related content /

19 December, 2019

Alex Burke,Senior Writer,No More Practice Education

The importance of saying no

When navigating the new advice landscape, learning to say no will be just as important as what you agree to. 

Read now

WordPress Lightbox Plugin