CPD: Message understood? Key considerations and steps when providing financial advice to vulnerable clients

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Introduction Amidst an overall increased media and regulator focus on financial consumer protection, especially post the Hayne Royal Commission, the spotlight on ‘vulnerable’ financial consumers has become especially intense. Our population is ageing and becoming more culturally diverse at a time when financial products remain as complex as ever, and as we stand on the

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CPD: A new advice model to protect financial consumers – when Do-it-yourself becomes Do-it-together

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Australian investors are having a Bunnings moment. Lured not by a cheeky sausage sandwich between meals, but by a sharemarket that continues to defy gravity, our love of DIY is now being channelled into investing, as record numbers of Australians join the ‘Robinhood revolution’ and become investors for the first time. Echoing overseas trends –

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CPD: Behaving badly – could our decision-making flaws undermine the consumer protection intent of recent superannuation changes?

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It is widely accepted that consumer financial protection is important not only to protect consumers but also for the stability of the financial system. Whilst the major knowledge asymmetry that exists between consumers and financial services providers is, in itself, justification for robust protections, there is also a widely held view that consumers need protection

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CPD: When disclosure harms, rather than protects, consumers – an adviser guide to DDO compliance

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(Updated 16 September, 2021) Whilst the Hayne Royal Commission undoubtedly put a wrecking ball through most rooms in the financial services house, it is worth remembering that some walls were already crumbling long before that particular show hit town. The reliance on disclosure as a central pillar of financial consumer protection, for example, had already

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CPD: Financial consumer protection – part 3 – adviser priority checklist and calendar

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In a continuation of our series on Financial Consumer Protection, this article examines the latest raft of regulatory changes that will impact – directly and indirectly – financial advisers from 2021 onwards. Self-licensed advisers in particular may find themselves surprised about how much work is involved in meeting their new obligations, with the devil –

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CPD: Financial consumer protection – part 2 – the art of the conversation (having, recording, storing, using, protecting)

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If the essence of the financial adviser/client relationship is trusted conversations, then the way the outcomes of those conversations are recorded, secured, and shared, is of paramount importance. Protecting clients’ interests through the management of their personal information is one of the core consumer protection pillars across any business sector. In the context of financial

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CPD: Financial consumer protection – part 1 – practical framework for financial advisers

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Strengthening consumer protection continues to be the underpinning theme for much of the ongoing scrutiny and regulatory change seen within the financial services industry in recent years. And, at high level, measures which increase confidence and trust in the sector can deliver meaningful benefits both customers and advisers. However, such measures can become problematic, even

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CPD: Cyber risk – governance implications for Australian financial advisers

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A cautionary tale…. Imagine, just briefly, a small financial planning practice in Australia. And imagine that firm was infiltrated by an invisible cybercriminal, possibly from overseas, who gained unauthorised access to that firm’s network server, containing highly sensitive personal information on their clients, including account details, passwords, tax file numbers. Imagine, further, that cybercriminal spent

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