The financial services industry in Australia is at a turning point and the crisis of trust must be addressed now, with leadership from the top. So says CFA Institute, the leading global association of investment professionals, which today applauded the role of government, regulators and the media in applying pressure to the industry, and highlighting gaps and challenges that CFA charterholders have been raising for years.
According to Anthony Serhan, President, CFA Society of Sydney, while reforms such as Future of Financial Advice (FoFA) have improved transparency, legislation alone is never enough to guarantee that all investment professionals will act in their clients’ best interests.
“What we really need is a multi-layered approach, by which I mean complementing legislation with other ways of ensuring that high ethical principles and professional standards inculcate the culture of our industry”, Mr Serhan said.
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