Opportunity for independent advisers to shine
David Ireland, chairman of the current code committee and a financial services law expert, said there would be ramifications for those providing financial advice on this side of the Tasman, too.
“Whether you operate as part of a vertically integrated organisation, independently or somewhere in between.”
He said the full extent of that would not be known until the commission had finished its work but advisers could assume that expectations would increase in terms of compliance assurance processes from advice providers.
The Financial Markets Authority and Reserve Bank have already demanded information from the banks to quantify how they are acting to address the risk of misconduct here, too.
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