
A number of senior dealer group executives have agreed that licensees need to play a bigger role in advice industry regulation, in the wake of cuts to ASIC’s budget.
“Let’s level the playing field and have a code of conduct at licence level that introduces ethical non-conflicted behaviour across the industry.”
Paul Harding-Davis of Premium Wealth Management concurred with Mr Knox, arguing that “licensees can do a lot more” and that the peripheral supervision of advisers by licensees at present is an “awkward model”.
Steve Helmich of AMP Financial Planning– a former FPA and Financial Planning Standards Board chair – agreed that “licensees can set the standard”, but also said that the ultimate responsibility for raising standards lies with the professional associations and individual practitioners.
Wayne Handley of non-aligned licensee Bombora Advice said that all stakeholders need to “assume some ownership and take a leadership position”, adding that the vacuum left by ASIC due to decreased funding presents the opportunity for a “coalition of the willing”.
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