Posts tagged Conflict
"Don't let me be misunderstood": Conflicts, professionalism and advice

Smarter Compliance. In previous articles we've addressed the limitations of disclosure, RG181, s961J and the seemingly inevitable tendency for advice businesses to subordinate their clients' interests to their own. Conflicts exist in all commercial enterprises but the challenge for businesses providing financial advice is the effective and efficient management of these conflicts. The question seldom asked is whether these conflicts can ever be effectively and efficiently managed. This article introduces relevant research, including the research paper submitted to the Royal Commission by Professor Sunita Sah.

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Commonwealth Financial Planning v Couper: An Insider’s view

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.

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Risk Advice and Advice Risk: 6 Lessons from Couper

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.

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