Publication Type

Journal Article

Version

publishedVersion

Publication Date

4-2021

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 selfinterest, 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.

Discipline

Banking and Finance Law

Research Areas

Asian and Comparative Legal Systems

Publication

University of New South Wales Law Journal

Volume

44

Issue

1

First Page

424

Last Page

452

ISSN

0313-0096

Identifier

10.53637/QTZF1576

Publisher

University of New South Wales

Additional URL

https://doi.org/10.53637/QTZF1576

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