News

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Poor quality advice and misconduct in the financial services sector has led to Australians losing an estimated $201 billion during the last five years, according to a new report.

Write comment (2 Comments) " ["fulltext"]=> string(4021) "

The University of Melbourne research found that more than half of the population (54 per cent) have been negatively affected by misconduct among finance service providers.

The paper, FinFuture – The Future of Personal Finance in Australia, has called for the implementation of national financial wellbeing framework along with a restructuring of the finance sector, saying consumer outcomes and duty of care should form the basis for professional standards in the industry and its regulation.

The whitepaper has been published as Treasurer Josh Frydenberg has committed to an ‘implementation road map’, a time line for the 54 royal commission recommendations targeted at the government to be put into place.

The University of Melbourne research team consulted with industry, regulators, consumer advocates, legal professionals, consultants and academics. ANZ chief Shayne Elliot, CBA general manager of government and industry affairs Euan Robertson and IRESS boss Andrew Walsh were among the industry representatives with whom they conferred.

The team also conducted consumer research, including focus groups and a nationally representative study.

Trust deficit causing further harm to consumers’ finances

The report has identified that in addition to misconduct, other inefficiencies in the sector include high fees for payments, high costs associated with the management of superannuation accounts and often low quality of financial advice.

Remediation costs to the industry resulting from the royal commission have been estimated to be around $10 billion.

Co-author Carsten Murawski from the university’s faculty for business and economics said many Australians had lost trust in financial institutions, which was holding them back from improving their financial situation.

“About two-thirds of Australians face some level of financial vulnerability and stress,” Professor Murawski said.

“Financial concerns are now the number one concern among young people.”

The research found following ‘I do not trust financial institutions or advisers’, the second most cited reason stopping Australians from improving their financial situation was ‘Thinking about my finances is overwhelming’.

Researchers say regulation changes should consider wellbeing

The report has urged for a government advisory group as well as an aligned body, a ‘National Financial Wellbeing Agency’, which would be responsible for co-ordination of a wellbeing framework across industry, regulators and consumer groups, with roles including guidance on regulation.

Further, the report recommends compulsory, evidence-based financial literacy training to improve Australians’ low rates of financial literacy and capability.

Melbourne Law School director of banking and finance law and co-author Andrew Godwin said regulation reform in the sector was a vital step in improving consumer outcomes.

“We need to reduce the complexity of regulation and be clearer about the standards we expect from people working in the finance community by tying regulation more closely to outcomes,” Mr Godwin said.

“Financial service providers should be subject to a duty to consider financial wellbeing in performing their functions and services.”

Other recommended changes for the finance sector included the establishment of national research centres to support industry service and technological innovation, stronger data protection and free financial health checks and advice throughout different points in consumers’ lives.

Moving forward, the whitepaper said research will also have to be conducted on how emerging and existing technologies can be used to improve financial capabilities.

The report was developed over 18 months, with its plans proposed for implementation over a 10-year period.

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Poor quality advice and misconduct in the financial services sector has led to Australians losing an estimated $201 billion during the last five years, according to a new report.

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The Financial Planning Association of Australia has launched a new campaign to get Australians to plan well to mark the start of Financial Planning Week.

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The ‘plan well to give well’ campaign comes off the back of new research by the FPA that found Australians spend $19.8 billion on gifts each year.

The research, 'Gifts that give', found that the average Australian adult was spending $100 a month on gifts, with a strong preference towards cash or gift cards.

The research found that on average $437 was spent buying gifts for partners, $201 on each parent and even $115 for pets.

The FPA found that 73 per cent of these gifts were unplanned, which is what has prompted the FPA campaign.

“There’s literally billions of dollars of household spend that is simply not budgeted for by nearly three in four Australians (73 per cent) across genders, generations and geographies,” said FPA chief executive Dante De Gori.

“That’s an obvious opportunity to increase our nation's financial literacy and awareness of the benefits of budgeting, financial planning and giving in a way that brings joy without debt or regret.”

The FPA has released an ebook called Goodness of Giving to give consumers advice on how to budget for gifts, how to buy sustainably and even includes a personality quiz.

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The Financial Planning Association of Australia has launched a new campaign to get Australians to plan well to mark the start of Financial Planning Week.

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The establishment of the ASIC Office of Enforcement has seen investigations and disqualifications rise as the commission continues its new enforcement approach.

Write comment (3 Comments) " ["fulltext"]=> string(1989) "

The ASIC enforcement update for January to June 2019 revealed that the commission has increased investigations by 20 per cent and increased investigations into wealth management groups by 216 per cent.

Deputy chair of ASIC Daniel Crennan said that the Office of Enforcement had allowed ASIC to continue to pursue its new enforcement approach.

“ASIC’s enforcement work has a core focus on deterrence, public denunciation and punishment. We continue to pursue this work via our ‘Why not litigate?’ enforcement approach,” he said.

Disqualifications in the industry were also on the rise, with 103 individuals removed or restricted from providing financial services and a further 29 disqualified or removed from directing companies.

Over the six-month period, 70 criminal charges were laid and 191 individuals were charged in summary prosecutions for strict liability offences.

Dishonesty is still high in the industry, with a total of 12 outcomes relating to dishonest conduct and misleading statements, while six were related to misappropriation, theft or fraud.

Over 30 were related to other matters in the six months, with a further 17 criminal cases still awaiting a court decision as at 1 July 2019.

ASIC was also continuing to implement many of the recommendations from the royal commission final report.

“Many of the tools are now in place to deliver a stronger legislative, enforcement and regulatory framework with tougher penalties. The government has proposed additional new laws to further strengthen ASIC’s enforcement powers,” said Mr Crennan.

Mr Crennan said that the commission was working hard to stay accountable to the public and to continue to deliver on their expectations.

“As I have said publicly over the past year, ASIC has a clear resolve. The Office of Enforcement is ready to deliver on the public’s expectation to hold wrongdoers to account,” he said.

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The establishment of the ASIC Office of Enforcement has seen investigations and disqualifications rise as the commission continues its new enforcement approach.

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Six professional bodies representing the advice sector have formally lodged an application with ASIC to become a code monitoring authority.

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The Financial Planning Association of Australia (FPA), the Association of Financial Advisers (AFA), Boutique Financial Planners (BFP), the Financial Services Institute of Australasia (FINSIA), the Self-Managed Super Fund Association (SMSF Association), and the Stockbrokers and Financial Advisers Association (SAFAA) came together last year to create the agreement.

Staff in the associations have already begun to see advertisements for a chair, deputy chair, plus additional governing body roles for the new code monitoring authority.

A special purpose company, Code Monitoring Australia (CMA), has been established to operate the compliance scheme, which will be called the Financial Advisers Monitoring Scheme (FAMS).

CMA is a wholly-owned subsidiary of the FPA, whose chief executive Dante De Gori lodged the application with ASIC last week.

“I can confirm we have provided what we believe is a detailed and well-considered solution to ASIC,” said Mr De Gori.

“The decision is now with them, but given how tight the timeline is until November we’re preparing as much as we can in readiness for a green light, just in case.”

The deadline to subscribe to the approved scheme is 15 November, with ASIC to work on the application in time for that.

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Six professional bodies representing the advice sector have formally lodged an application with ASIC to become a code monitoring authority.

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