Regulating Financial Advisers in the UK: Lessons for Australia

44 (1) UNSW Law Journal

29 Pages Posted: 19 Apr 2021

See all articles by he weiping

he weiping

affiliation not provided to SSRN

Han-Wei Liu

Monash University

Date Written: May 1, 2020

Abstract

Prompted by the 2008 Global Financial Crisis, the Australian government introduced the Future of Financial Advice reforms in 2013. It aimed to improve the quality of financial advice by virtue of a best interests duty and a ban on conflicted remuneration, inter alia. Despite the reforms, public trust in financial advisers remains unacceptably low. Adviser misconduct, driven by conflicted self-interest, remains prevalent. By contrast, there is relatively greater trust in financial advisers in the United Kingdom (‘UK’). This article focuses on how the UK regulates financial advisers, where the best interests duty and suitability rule also apply. The analysis that follows is confined to the legislative text. The UK regulatory regime offers directions and possibilities for further Australian reforms.

Suggested Citation

weiping, he and Liu, Han-Wei, Regulating Financial Advisers in the UK: Lessons for Australia (May 1, 2020). 44 (1) UNSW Law Journal, Available at SSRN: https://ssrn.com/abstract=3825964

He Weiping

affiliation not provided to SSRN

Han-Wei Liu (Contact Author)

Monash University ( email )

900 Dandenong Road
Caulfield, Victoria 3145
Australia

HOME PAGE: http://https://research.monash.edu/en/persons/han-wei-liu

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