×
  • June 2019 CFA Exam Level III Results: Level III exam results are being emailed to candidates on 20 August 2019, after 9:00 a.m. ET. Email delivery service varies so we cannot guarantee an exact delivery time.

    Access your detailed exam result

Policy Recommendations Following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry in Australia.


Professionalising Financial Advice

View full article (PDF)

Overview

CFA Institute and CFA Societies Australia make ten recommendations addressing the problems in Australia’s financial advice industry highlighted by the Hayne Royal Commission. The recommendations focus on industry culture and measures to help rebuild public trust and confidence in the institutions and practitioners.

Main points

Policy response to the Hayne Royal Commission

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (Hayne Royal Commission) has brought forth many issues in financial services where the rights of investors have been compromised.

CFA Institute and CFA Societies Australia are therefore advocating for policy changes to firmly address these issues in line with our mission.

The policy recommendations can be separated into four categories

  1. Best Interest Duty and Appropriate Consequences
  2. Fees and Conflicted Remuneration
  3. Ensuring Independence of Advice
  4. Professionalising the Industry

About the Author(s)

David McDonald CFA, CIPM
Mary Leung
Mary Leung CFA

Mary Leung, CFA, is the head, standards and advocacy, Asia Pacific, at CFA Institute. She is responsible for the development, maintenance, and promotion of capital markets policy perspectives in the APAC region. She also oversees the promotion and development of CFA Institute professional standards in the region. Mary has over 20 years of experience in the global financial industry, having worked in corporate finance, wealth management advisory, and fund management. Previously, she was with Coutts & Co, where she was director of Business Development and Management for North Asia. Prior to that she was executive director at UBS AG, where she led the Corporate Advisory Group in Hong Kong. With experience in both the buy- and sell-sides, Mary has a strong understanding of the drivers and dynamics of different investor groups, including institutional investors, corporates, family offices, asset owners, and high-net-worth individuals. Mary graduated from Peterhouse, Cambridge with a degree in Engineering. She is a CFA charterholder and speaks English, Putonghua, and Cantonese.

Lisa Carroll
Piotr Zembrowski CFA

Piotr Zembrowski, CFA, is manager, advocacy research and content, Asia Pacific Advocacy & Policy Outreach, at CFA Institute. He conducts research into financial regulation, to support the advocacy team's development and promotion of capital markets policy perspectives in Asia Pacific. He is also responsible for content management and editorial aspects of Asia-Pacific Research Exchange (ARX), an online research-publishing platform. Piotr has four years of experience as a financial journalist in Hong Kong, covering asset management, fintech and ESG, among other topics. Previously, he worked at TD Bank in Canada, where he was responsible for development of online and mobile banking and investing platforms. Piotr has a Master of Science degree in astronomy from University of Toronto and a Master of Journalism degree from the University of Hong Kong. He earned his CFA charter in 2006.

Kurt Schacht
Kurt Schacht JD, CFA

Kurt Schacht, JD, CFA, is managing director for policy and regulatory relations at CFA Institute. He oversees global advocacy efforts including regulatory consultations, policy research, standard setter engagement and serves on a range of stakeholder advisory groups engaged on investment management policy issues. His work is focused on advancing investor protection, financial market transparency and fairness, financial reporting and audit policy and industry professionalism. He is former Chairman of the Investor Advisory Committee to the U.S. Securities and Exchange Commission (SEC) and is currently serving a three-year term as a member of the Board of Trustees for the IFRS Foundation which oversees the IASB. He served as a member of the European Commission's Expert Group on Corporate Bond Market Liquidity based in Brussels in 2017. He is a member of the: Harvard Corporate Governance Forum Advisory Council; Board of Trustees - for the Greenwich Roundtable; Advisory Board - Columbia Law Millstein Center for Global Markets. He served two terms on the Public Company Accounting Oversight Board's standing advisory group. Previously, Schacht served as chief operating and legal officer for a retail mutual complex; general counsel and COO for a Manhattan-based hedge fund; and chief legal officer for the State of Wisconsin Investment Board in Madison, Wisconsin. Schacht holds a BS degree and a JD degree from the University of Wisconsin. He was awarded the CFA charter in 1998.

1.25 CE

Manage your Continuing Education credits

Additional Information

Published by CFA Institute

ISSN: 978-1-942713-67-8

We’re using cookies, but you can turn them off in Privacy Settings. If you use the site without changing settings, you are agreeing to our use of cookies. Learn more in our Privacy Policy.