Posts tagged SoA
Honesty, integrity and best interests

If you're an advice professional, you know that misconduct, mismanagement and consistently critical media coverage has undermined confidence in our industry and led calls for increased regulation. We have the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and, recently, the Australian Securities and Investments Commission pursued two high profile matters based, to a large degree, on the Licensees' failures to ensure that their representatives complied with the law and complied with their 'best interest' duties. In this article we take a constructively critical look at the duty, the conduct that necessitated it and the practicalities of satisfying your professional duties. (Hint - disclosure is not enough).

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ASIC and the ‘art’ of the SOA

Licensees and advisers frequently complain about the Statement of Advice but, for a variety of reasons, few make any effort to find solutions. ASIC try to steer professionals in the right direction, but embracing clarity and accountability is too risky for those accustomed to hiding behind paper shields of disclosures and disclaimers. There is a solution to dull, dense and depressing documents but it requires advice professionals to transform a disclosure document into an article of accountability. 

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