resources, tools and updates

The difficulty lies, not in new ideas, but in escaping from the old ones, which ramify, for those brought up as most of have been, into the corners of our minds.
— John Maynard Keynes
Screen Shot 2017-09-08 at 8.46.26 pm.png

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. 

 
Screen Shot 2017-09-10 at 3.48.26 pm.png

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."

KPMG's Australian Fintech Landscape

Ian Pollari and KPMG have great insight into the Australian Fintech Landscape and this graphic show the sheer diversity and size of the sector. Our product, openAFSL, is shown in the Regtech sector.

 

 

 

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 [2013] NSWCA 444.

Screen Shot 2017-09-08 at 8.53.36 pm.png

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. 

 
Screen Shot 2017-09-08 at 9.02.37 pm.png

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."