{"id":27543,"date":"2014-09-30T16:23:31","date_gmt":"2014-09-30T06:23:31","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=27543"},"modified":"2014-10-01T07:52:18","modified_gmt":"2014-09-30T21:52:18","slug":"reforms-need-time-to-settle-meller","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2014\/09\/30\/reforms-need-time-to-settle-meller\/","title":{"rendered":"Reforms Need Time to Settle – Meller"},"content":{"rendered":"

The financial services industry should be given time to settle into its current regulatory environment before further reforms are made, according to AMP\u2019s CEO, Craig Meller<\/strong>.<\/p>\n

<\/p>\n

\"AMP<\/a>
AMP CEO, Craig Meller<\/figcaption><\/figure>\n

Delivering his first major public address as AMP CEO at a Committee for Economic Development of Australia (CEDA) event this week, Mr Meller said the industry was stuck in a \u201cseemingly endless round of discussions and review\u201d.<\/p>\n

\u201cSadly, those discussions seem to be missing what\u2019s important: how we deliver the best outcomes for Australians,\u201d he told CEDA guests.<\/p>\n

Mr Meller argued that the existing reforms still needed time to be implemented and for their effectiveness to be assessed.<\/p>\n

He estimated that the regulatory reviews over the past three years had cost AMP hundreds of millions of dollars.<\/p>\n

\u201cAnd that is a cost ultimately borne by the consumer,\u201d he said.<\/p>\n

\u201cYet despite this, it seems there\u2019s a strong desire in some quarters to re-regulate \u2013 even before the effectiveness of the last round of re-regulation can be assessed.\u201d<\/p>\n

…it seems there\u2019s a strong desire in some quarters to re-regulate<\/h6>\n

He said while AMP backed improved advice standards and a push towards professionalism, the company did not support the Financial Services Council\u2019s proposal for a new Advice Standards Board.<\/p>\n

\u201cWe do not believe a regulatory solution through a new, independent statutory body to oversee the financial advice profession is appropriate,\u201d he said.<\/p>\n

\u201cAt AMP we support higher industry standards \u2013 and have indeed led the way on this, we support higher entry-level qualifications, and an ASIC-managed register of financial advisers.<\/p>\n

\u201cBut like any profession, we need to prove we can regulate ourselves effectively. And I believe we can.\u201d<\/p>\n

Mr Meller also said AMP remained committed to a vertically integrated model.<\/p>\n

\u201cToo many usually self-interested parties like to dumb down the definition of financial advice to just product selection,\u201d Mr Meller said.<\/p>\n

\u201cThis is usually a ruse to justify a particular entrenched position \u2013 and is a million miles from where the true value of advice lies.\u201d<\/p>\n

Mr Meller said that high quality advice, in fact, started with determining a client\u2019s life goals, and progressed through an assessment of the financial viability of achieving those goals, and the clients\u2019 attitudes towards risk.<\/p>\n

\u201cMany of our advisers tell us, this can quickly become a process of marriage guidance as couples assess the prospect of life together after work…<\/p>\n

\u201cIndeed, in an increasingly commoditised product world, product selection is the least important component of high quality financial advice,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The financial services industry should be given time to settle into its current regulatory environment before further reforms are made, according to AMP\u2019s CEO, Craig Meller.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[48,8,248],"tags":[],"class_list":["post-27543","post","type-post","status-publish","format-standard","category-company-news","category-compliance-regulation","category-training"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27543","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=27543"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/27543\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=27543"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=27543"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=27543"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}