Sovereign: Don't wait for law to change

Anna Schubert was recently appointed head of retail distribution at the insurer.

She said the Financial Advisers Act review was set to be one of the most interesting discussions the industry had, “this year, next year or the year after”. “It’s a shift of who is responsible for advisers,” she said.

But she said the obligation to act with care, diligence and skill came in for registered financial advisers with the first iteration of the FAA.

“All that happens now is that someone is responsible for it, who is going to have a lot more responsibility to the regulator. It’s making someone accountable for that. People would mislead themselves to say they will wait until the Act comes in [to make changes].”