resources, tools and updates
pwc on bear
The Banking Executive Accountability Regime (BEAR) is the topic du jour for most vertically integrated financial services businesses. BEAR may be a necessary change to prevent future scandals, but it's worthwhile noting PWC's perspective.
the rising costs of compliance (2014)
Thomson Reuters' publish some exceptional research on compliance. This report looks at the risk/benefit tradeoff and notes that "Many of the compliance failures and weaknesses in systems or procedures that are now being punished are a direct result of that cost cutting."
a crisis of culture: valuing ethics and knowledge in financial services
This report is a compelling read for anyone interested in Culture and regulation. Consider it in the context of ASIC Commissioner Greg Medcraft's exhortation to financial advisers to restore "trust and confidence" and the New South Wales Court of Appeal's decision in Commonwealth Financial Planning Limited v Couper  NSWCA 444.
asic on conduct risk & governance
ASIC Commissioner Cathie Armour's keynote address titled "Regulatory perspective on conduct risk, culture and governance" covers
- technology and regulatory technology (regtech)
- why governance, culture and conduct matters.
uncovering bad apples
There's been a lot written about 'bad apples' in the financial services industry and their ability to move between Licensees undetected. They're undetected because most Licensees don't look. In 2007, ASIC, Australian Standards and the Industry released a practical "How To" Guide. Read it. Implement it.
lessons about the best interest duty
A good introduction to the challenges of defining quality in relation to credence goods. The authors conclude that
"the value of financial advice is very hard to assess, which generates a significant challenge in defining and applying what is meant by ‘best interests’, for the benefit of consumers, regulators, and indeed advisers themselves."
videos and online training
Press the button above to access our videos and other online training material.
the senior managers regime
The Banking Executive Accountability Regime (BEAR) is inspired by the FCA's Senior Managers Regime. This provides a solid overview of the UK accountability regime.
the cost of compliance 2017
English and Hammond's regular reports on the Compliance sector should be required reading for Australian Compliance experts. Understand what's happening internationally so that you can anticipate and prepare.
Consumer protection and digital advice
An international perspective of the key challenges and the key issue.
Where different specialist actors are responsible for different parts of that chain or where traditional firms are partnered with non-financial services firms, consumers may find it harder to ascertain which services are regulated and what their rights are if something goes wrong.
The rise, and rise, of robo-advisors
Planet of Finance have published an excellent overview of robo-advice with a focus on the international experience. To paraphrase Luis Rivera, the CEO of ETFMatic "Advising is necessary, advisers are not."