Kate Whiteley on Jul 30, 2021 10:50:40 AM
Use the sunlight test by asking yourself, would I do the same thing if I knew my actions would feature in the headlines of tomorrow’s news?
An easy way to test an ethical decision before you take the next step.
Kylie Ashton on May 18, 2021 9:16:43 AM
The rewards of embracing the BEAR seem to have well out-weighed the negatives in Australia’s banking sector.
As APRA-regulated organisations brace for yet another major regulatory change, this time in the form of the Financial Accountability Regime (FAR), we take a look at its predecessor to find out what lessons can be taken into the future of financial services.
Kylie Ashton on Apr 20, 2021 9:36:31 AM
With all the regulatory change passing across RMs desks over the past 3 months, it’s probably not surprising that little attention has been paid to the Financial Accountability Regime (FAR). After all, the details have yet to be finalised.
There’s no legislation, no regulations, not even a confirmed start date! However, savvy RMs are preparing the foundations now, to ensure their organisations are ready for the inevitable.
Here’s what you need to know about the not-so-far-away FAR.
Anne Wilkinson on Mar 30, 2021 5:20:37 PM
With the constant barrage of regulatory change, the role of the compliance professional is increasingly demanding. Check out our three steps to help lighten the load.
Step 1 – Leading from the front, Step 2 – Embedding compliance in your culture and Step 3 – Smart systems to support your vision
Anne Wilkinson on Mar 19, 2021 12:12:27 PM
While many of us were counting down the days to the end of an unprecedented year, December 2020 represented a busy time in Parliament; legislation implementing some of the key recommendations from the Financial Services Royal Commission was introduced (and has now passed). We look at the key regulatory items contained within the government’s latest financial services reform bills and what your organisation needs to do to prepare.
Kate Whiteley on Mar 18, 2021 7:17:56 AM
Financial services in Australia must adjust to the introduction of design and distribution obligations. With the countdown clock ticking down fast, read our take on the key aspects
The DDO will now be in effect from 5 October 2021.
Kate Whiteley on Feb 26, 2021 2:16:20 PM
One of the emerging compliance challenges faced by Australia’s financial institutions is managing non-financial risk. But grappling with the amorphous ideas of ‘culture’ and ‘responsibility’ can be difficult for organisations more accustomed to tangible measures like profit and loss. What’s the big deal anyway? If non-financial risks are those that exist outside the business’ core revenue-generating activities, why should management care?
Anne Wilkinson on Feb 4, 2021 10:50:09 AM
There is little argument that consumers who receive high quality, professional financial advice feel more confident about their financial position. But achieving the balance between professionalism and access to advice is tricky, and there are many in the industry who believe the current regulatory framework has made advice more expensive, putting it out of the reach of many consumers. This is particularly the case when it comes to insurance advice.
Kate Whiteley on Feb 2, 2021 3:35:34 PM
What makes an RM, an RM? Hint...it’s not just the title. Far from the sometime treatment as a ‘tacked-on’ role, responsible managers as a first line of defence are worth investing in.
Posted by Anne Wilkinson on Nov 27, 2020 12:51:36 PM
Park responsible lending! There are some big compliance changes heading the way of brokers that are already locked in. In this article, we look at the key regulatory items contained within the government’s latest financial services reform bill.
Posted by Anne Wilkinson on Nov 13, 2020 2:16:44 PM
Over the next 12 months, members of the insurance industry will experience a large volume of regulatory change, riding off the back of the Royal Commission into Financial Services. Here are some of the key areas to be aware of.
Posted by Belinda Brown on Sep 11, 2020 10:38:11 AM
There is a perfect storm swirling on the horizon, and the right response is to plan to build a windmill not a wall. Some institutions will need to transform their thinking to develop appropriately oriented AML/CTF mindsets.
The current climate is ripe for compliance with AML/CTF rules to be approached from a new perspective. Too often, implementation and accountability rests with IT departments that generally get treated merely as a cost centre. Few organisations value and engage IT as a project partner capable and worthy of strategic input into revenue-generating activities.
Three letters currently loom large of the credit industry: BID. Best. Interests. Duty. And while ASIC may have granted a temporary reprieve due to the Covid-19 pandemic, from 1 January 2021, all brokers will be expected to comply with this new customer-protection measure.
We break down the basics of the best interests duty and how you can demonstrate your compliance.
Kate Whiteley on Aug 7, 2020 1:55:32 PM
You’d be hard pressed to find anyone who would argue that the increased focus on ethics and professionalism in financial services is a bad thing.
But, can ethics be taught? And if so, is teaching ethics enough to protect consumers?
Kate Whiteley on Jul 22, 2020 3:51:16 PM
What is organisational culture and why is it important? Turns out the answers lie within an animated TV show!
Much like the escalator to nowhere, an organisation in which no-one takes ownership or accountability for their decisions will become a place of continuous escalation. Until, ultimately, something (or someone) falls off the edge.
Anne Wilkinson on Apr 29, 2020 1:49:56 PM
Snow White, she of seven dwarves fame, believed that whistling while you work was a sure-fire way to make your chores go faster. But can the same be said for whistleblowing?
If you call out bad behaviour, do you also have to call time on your career?
Or can you actually whistleblow while you work?
Kate Whiteley on Feb 5, 2020 12:11:53 PM
Welcome to the age when strong compliance and practical risk management secures victory for licensees. And with it will rise a new hope – the responsible manager.
Not that long ago, in a galaxy not so far away, some unscrupulous financial services businesses put profits before people. But times have changed. The Royal Commission struck back, dodgy practices were exposed and now an era of new hope has begun. An age in which strong compliance and practical risk management will secure victory for licensees. And with it will rise a new leader – the responsible manager.
Posted by Kate Whiteley on October 28, 2019 12:15:00 PM
Compliance is not a role for the quiet ones.
Quite often it’s perceived as a separate function that needs to be deferred to from time to time. On other occasions, it’s considered an unfortunate but necessary intrusion into day-to-day activity. In a climate of regulatory change, the Royal Commission, and customers generally scrutinising every company they deal with, the importance of compliance cannot be underestimated.
ASIC is scrutinising AFS licence applications very closely – one slip and all your hard work is undone; your application is rejected and suddenly you find yourself back at square one. In this article, we share some tips for staying on track and getting through the application process in one piece.
Kate Whiteley on Aug 20, 2019 1:45:45 PM
With Treasury and ASIC working fast to revise responsible lending and introduce a best interests duty, credit providers will need to keep up with the accelerating pace of change or risk being left behind.
- Anne Wilkinson on Aug 13, 2019 12:30:20 PM
- Financial planning businesses are evolving, as new licensing models emerge. In this two-part blog series, we examine the pros and cons of the AFSL market. Part two of our look at financial planning licenses takes you through our top five reasons to self-license.
Anne Wilkinson on Aug 6, 2019 4:31:21 PM
Financial planning businesses are evolving, as new licensing models emerge. In this two-part blog series, we examine the pros and cons of the AFSL market, starting with the top five reasons to stick to the traditional licensee approach.
Therese O'Neill on Jul 30, 2019 9:29:53 AM
You’ve probably heard about the ‘Customer First Duty’, which is intended to replace today’s ‘Not Unsuitable’ test and improve customer outcomes. Here’s what you (and your clients) can expect when the new measure comes into play…
"“Dont worry, the expectations are the same as ever ... only completely different.”
Therese O'Neill on Jul 25, 2019 11:20:05 AM
No-one likes being at risk of rejection in life, including the prospect of having a loan application declined. And the situation can be unpleasant on the other side too, for the mortgage broker having to broach the subject!
In part 3 of our 3-part vlog series, mortgage industry adviser Therese O’Neill shares 4 avenues for helping clients get their finances in order and increase their chances of application success – solutions that can turn awkwardness into smiling faces all around.
Therese O'Neill on Jul 23, 2019 1:08:30 PM
Explaining to your clients how living expenses scrutiny has become sharper in a post Royal Commission world can be a danger zone.
In part 2 of our 3-part vlog series, mortgage industry adviser Therese O’Neill shares 5 areas to watch for so you and your clients can navigate this phase of the loan application process safely and smoothly.
Therese O'Neill on Jul 22, 2019 9:23:16 AM
Hard truths can emerge during the tricky task of doing a proper review of a client’s living expenses.
In part 1 of a 3-part vlog series, mortgage industry adviser Therese O’Neill examines two key focus areas for the expenses assessment phase, to help you survive regulator scrutiny and delight your clients.
Surfing the Clawback Cash Flow Wave | Tips to de-risk your broking practice under new commission models
Therese O'Neill on Jul 10, 2019 8:45:55 AM
Governments, regulators and lenders are always moving the flags. But by implementing some proven practice management techniques, you can keep your head above water and see you and your clients safely and delightfully riding every mortgage wave.
Belinda Brown on Jul 5, 2019 4:24:05 PM
With meaningful dialogue and sensible reform, regulation of Australia’s payday lending sector can strike the right balance between facilitating access to credit while ensuring appropriate levels of consumer protection.
Therese O'Neill on Jul 10 2019
A proper assessment of living expenses can be tricky and this can be a common cause of loan applications being rejected by lenders. Given that it’s important to get it right the first time, we present 5 living expenses assessment tips.
The FEP team on Jun 12, 2019 12:38:51 PM
Hemline Index! Consumer Consumption Of Beer Index! CPI and interest rate trends are not the only predictors of economic activity according to markets folklore. Do these indicators have predictive powers…
Kate Whiteley on Sep 4, 2018 10:43:05 AM
Why do we call it a cpd year when, in all honesty, almost everybody scrambles to complete in the last weeks before their enrolment expires?
This year, the theme in financial circles has been trust and confidence, including demonstrating ethical and professional conduct. Additionally, the looming final year of current adviser education standards has coincided with general discussion about the future of work in an Industry 4.0 world.