Apr232018 by Connor JamesNo Comments
Three financial services compliance lessons from the Royal Commission

Three financial services compliance lessons from the Royal Commission

Financial Services
Today we continue to look at financial services compliance.“It’s not enough, is it… to have those policies and procedures in place? Financial advisers need to comply with them”[1]. So asked assisting counsel last week in the second round of hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). The fallout from the last week of hearings has been extensive, including the resignation of the AMP CEO and indications of impending law reform.[2]  We discussed some issues that arose in the first round of hearings here https://www.compliancequarter.com.au/royal-commission-round-one-the-home-loan-introducer-program/. [caption id="attachment_4184" align="aligncenter" width="640"] Photo by Rob Potter on Unsplash[/caption] This second round has focused on: charging fees for financial advice that is not provided or not provided in full (fees for no service); provision…
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Mar192018 by Connor JamesNo Comments
Royal Commission, Round One: The home loan ‘Introducer’ program

Royal Commission, Round One: The home loan ‘Introducer’ program

Financial Services
This week the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission), began round one of its public hearings (see https://financialservices.royalcommission.gov.au/public-hearings/Pages/transcripts.aspx). In today’s article we look briefly at one case study that has been discussed by the Royal Commission this week; the NAB ‘Introducer’ Program. [caption id="attachment_3706" align="aligncenter" width="640"] Photo by Martin Pegg on Unsplash[/caption] This case shows what can happen when effective compliance controls are not in place within an organisation. Background The Royal Commission was established on 14 December 2017, on the advice of the Commonwealth Government. It was initiated on the back of growing pressure for an independent and wider-ranging inquiry with full investigative powers. Following the release of background papers, submissions from the public and public hearings focused on specific…
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