Compliance

Advice groups may still be grappling with the best use cases for artificial intelligence tools, but the ones that aren’t at least trying are at risk of being seen as behind the curve according to Complii’s Craig Mason.

Compliance staff have been in high demand for a few years now, but the rise of industry super funds and the private capital sector has created even more demand for talent, both at the top and bottom end of the experience spectrum.

Rather than striving to tick legal boxes, the commissioner said, compliance teams should build their work practice around the right ethical pillars to engender trust with consumers and investors.

After the Hayne Royal Commission many advisers decided to steer away from large dealer groups in favour of becoming self-licensed. In the last six months, however, that trend has taken an abrupt turn.

The moves made by Complii across 2023 should position the firm well for a rebound in advice industry numbers, which is entirely foreseeable given the proposals stemming from the government’s Quality of Advice review.

Advisers should take a proactive approach to compliance, which can enhance the reputation of their firm and reduce the risk of regulatory enforcement action according to Mintegrity.

Litigation involving estate planning and superannuation is ramping up, with major impacts on self-managed super funds, and in particular trustee obligations. Cooper Grace Ward partner Hayley Mitchell discusses key recent case law and what it means for estate planning and SMSF management.

The Corporations Act is “technology neutral” according to ASIC, so video SOAs are acceptable as long as they include the eight or so standard compliance requirements.

Specialist self-managed super fund advisers need to tread cautiously before giving a client “wholesale investor” status.

The fact that just 281 complaints were lodged about ‘failure to act in client’s best interests’ and 241 for the providing “inappropriate advice’, shows the legislative changes may well be having a positive impact on the industry. 

ASIC has just released an information sheet allowing it to issue warnings and reprimands to financial advisers that do the wrong thing. If you’re a financial adviser, you’ll definitely want to take note of the key messages from the document.  

Following on from last week’s article titled, ‘Ombudsman seeks to simplify complaint treatment,’ The Australian Financial Complaints Authority (AFCA) today confirmed it will put into place a ‘user-pays’ funding model that is fair, transparent and equitable.