Regulating the financial advice profession: An examination of recent developments in Australia, New Zealand and the United Kingdom and recommendations for further reform

University of Queensland Press
Publication Type:
Journal Article
The University of Queensland law journal, 2017, 36 (1), pp. 177 - 203
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The regulation of financial advice has been the focus of considerable scrutiny in recent years. This article analyses recent developments in the regulation of the financial advice industries in Australia, New Zealand and the United Kingdom. Part 1 examines the current arrangements for regulating training and competence standards of financial advisers. Part 2 proceeds from this basis to examine the arrangements for enforcing financial advice laws in Australia, New Zealand and the United Kingdom with recent case studies. Part 3 analyses the recent reviews of financial advice regulation that have taken place during 2016 and 2017 in these three jurisdictions. It shows that despite the differing legal and regulatory arrangements in the three jurisdictions, several common regulatory challenges have confronted law and policy makers. Whilst most of the reforms resulting from these major reviews are still in the process of being implemented, the article identifies a number of interesting pointers that may be gleaned from each jurisdiction on the innovative ways of addressing the common challenges of regulating the provision of financial advice in the years to come. Part 4 of the article concludes by drawing together the key themes from the recent reforms and makes recommendations on further law and policy reforms that should be considered in these and other jurisdictions.
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