Posts tagged Remediation
ASIC Update: Fees-for-no-service (FFNS)

Smarter Compliance. It may be tempting for some Licensees to dismiss Fee-for-No-Service (FFNS) issues as problems for institutional businesses alone. The reality is quite different. Any business that receives fees or payments for ongoing service has an obligation to provide those services. This article outlines five (5) steps every Licensee should contemplate to identify and address any FFNS issues in their business.

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Oughts and Crosses: The changing role of licensee management

2018 has been a tumultuous year for licensees and advisers. The introduction of the Life Insurance Framework, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and the collapse of Terry McMaster (followed quickly by the collapse of Dover) have buffeted an industry already reeling from prolonged media and political pressure. Assured Support engages with businesses and advisers across Australia and this gives us an enviable perspective of our industry. Here are our top five observations of, and predictions for, the financial services industry.

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Forget 'Culture'. Let's talk about consequences

The Regulator’s focus on culture underplays the agency of management, staff and advisers and provides a convenient excuse for poor choices. Rather than focusing on culture, perhaps its better to focus on consequences. Consequence Management is not a complete solution (monitoring, supervision and remediation are equally important) but focusing on consequence management is an effective and efficient way to create and maintain a good corporate 'culture'. Properly applied, it may also spare you adverse publicity. 

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What was and what will be: Let's talk some more about compliance

We previously wrote about ASIC's 2018 enforcement activity, and with the publication of ASIC's second-half report, we thought it would be a great opportunity to take stock of what else occurred last year. Depending on your perspective, you may find it alarming, depressing or thrilling; in any event, it will to help you assess whether you are, or are likely to, meet their expectations.  In summary, ASIC will continue their focus on ‘gatekeepers’ to ensure that they are conducting themselves in a manner consistent with the law, professional standards and community expectations. In the Shadow of the Royal Commission, ASIC have reiterated that they will continue to take action against any who do not meet these standards. This article will explore their successes and their intentions for 2018.

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