Oct 2015 - Quality financial advice in Australia: How can we best move forward?
The benefits of quality financial advice for consumers and to the nation have been broadly acknowledged across Australia. However, financial services industry participants including banks, advisers and consumers face continuing challenges that require substantive debate and resolution to ensure optimal long term outcomes. Ed discussed day-to-day challenges that arise within the bank when providing financial advice. Dante provided insight on broader policy issues such as advisor education. Daniel highlighted the opportunities and risks associated with the emergence of automated financial advice. Gill presented and facilitated robust panel and audience discussion on these important topics.
Dante Degori, General Manager, Policy and Conduct Financial Planning Association of Australia
Daniel Levy, Principal, Greenfields
Ed Terkelsen, NAB Financial Planning
Associate Professor Gill North.
Oct 2015 - Financial services regulation and financial product disclosure in Australia: Is it effective? What could we do better?
The efficacy of financial services regulation and disclosure in Australia has been questioned by many was the subject of a BFSLA seminar where we discussed how we can better promote good financial decision-making by Australians.
Andrew Godwin considered and discussed the effectiveness of short form disclosure documents, drawing on previous research undertaken with Professor Ian Ramsay and the results of a recent survey of investors about short-form disclosure documents in Australia and five other jurisdictions. He also discussed the role disclosure plays in promoting good decision-making, including within the broader context of financial advice and financial education.
Picking up on these issues, Associate Professor Gill North suggested there was a need for more nuanced and substantive debate. She discussed the role and limitations of financial services regulation and disclosure based frameworks. She also highlighted the limits of what can be achieved within commercial industry structures. She argued that multifaceted policy and practical approaches are required for an ageing population with diverse needs, skills and expertise concerning financial matters.