With the Royal Commission interim report now available to the public, it's worth looking past the headlines and considering what's actually being recommended for the advice industry.
After all, some of the misconduct discussed throughout the Commission hearings - and referenced in the report - pertained to behaviour that occurred prior to some of the more recent reforms affecting financial advice. So, looking forward, where is Hayne's report seeing further opportunities for change?
In this article, we’ll cover how potentially conflicted remuneration might be managed, and how licensees should deal with it.
Issues identified in advice
The report identified multiple extant concerns in financial advice. First, it questioned how an adviser’s employer and licensee encourages the provision of “sound advice” – including, where appropriate, recommending a client “do nothing.”
It also asked whether conflicts of interest and duty can be managed, and identified a potential need for greater separation between the manufacture of financial products
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