Podcasts about financial services royal commission

In pursuit of perfection, is 2024 the year to make a real difference – both for clients and for advisers? Five years on from the final report of the Financial Services Royal Commission, and the Quality of Advice Review perhaps the last piece to be delivered upon for the financial planning community. Disclaimer: The podcasts are for adviser use only. They must not be made available to any person and any information in them must not be communicated to any person without the prior written consent of BT, part of the Westpac Banking Corporation. The views expressed in this webinar are those of the presenters alone unless otherwise quote, and do not reflect the views of policy of any company in the Westpac Group. The Westpac Group accepts no responsibility for the accuracy or completeness of, nor does it endorse any such opinions. To the maximum extent permitted by law, we intend by this notice to exclude liability for these opinions. The information in this podcast is provided solely as general information and it should not be considered a comprehensive statement on any matter or relied upon as such. The information provided is factual only and does not constitute financial product advice. Before acting on it, you should seek independent advice about its appropriateness to your or your clients objectives, financial situation and needs. Any projections in this webinar are predictive in character. Whilst we have used every effort to ensure that any assumptions on which any projections are based are reasonable, any projections may be affected by inaccurate assumptions or may not take into account known or unknown risks and uncertainties. The results actually achieved may differ materially from any projections herein. Past performance is not a reliable indicator of future performance. The podcast recordings are being shared with the prior written consent of our participants.

Australian financial institutions and their senior executives are preparing for a new Financial Accountability Regime, which will bring in a UK-style framework for senior management accountability. Under the Financial Accountability Regime (FAR), institutions will need to establish an accountability map for their directors and senior executives along with an array of conduct and compliance obligations. The object of the FAR is to impose a tougher accountability framework for the banking, insurance and superannuation industries and their directors and most senior and influential executives. Financial institutions will need to understand the requirements of the legislation and executive need to understand how they may be held accountable for their decisions and compliance failures. But will the laws be effective? Do they lack teeth? And will they genuinely improve conduct across the financial sector, in line with the recommendations of the Financial Services Royal Commission. In this episode of Compliance Clarified we have Nathan Lynch, Asia-Pacific manager for Thomson Reuters Regulatory Intelligence (TRRI), in discussion with Niall Coburn, a TRRI regulatory expert based in Brisbane, Australia.Related Reading:IMPACT ANALYSIS: Financial Accountability Regime looming for Australian firms and their senior executives: http://go-ri.tr.com/HxMybvIMPACT ANALYSIS: Australia regulators preparing for Financial Accountability Regime — firms on notice: http://go-ri.tr.com/He0KT6Regulators to continue focus on holding individuals to account, despite mixed results of previous years: http://go-ri.tr.com/s65YX4PERSONAL ACCOUNTABILITY: Poking the BEAR - Australia striving for executive accountability: http://go-ri.tr.com/VzqezaDevelopments in individual accountability: UK, Australia and Hong Kong: http://go-ri.tr.com/bDgqX1OPINION: Senior manager regimes: reasonableness the flaw to accountability: http://go-ri.tr.com/UH1x7U Compliance Clarified is a podcast from Thomson Reuters Regulatory Intelligence.Listen to wide-ranging, insightful discussions on all things compliance for financial services firms. We delve into the hot topics of the day, the challenges faced and offer up practical ideas for emerging good practice. We de-mystify regulation and explore the art, as well as the science, of the ever-expanding role of the compliance officer.  Enforcements, digital transformation, regulatory change, governance, culture, conduct risk – anything and everything impacting the compliance function is up for discussion.

Today on the Take on Board podcast, Helga interviews Christina Liosis.Christina was until recently on the board of the Royal Women's Hospital (RWH) with Helga and this conversation takes place just after Christina’s final Audit Committee. She is leaving the Board of the RWH as she has come reached her maximum term.But before she goes, she and Helga have a fabulous conversation about a range of things from the Royal Commission into financial services and some of the outcomes about risk, which is a particular passion for Christina. If you have ever wondered about audit committees and what makes them effective, this is the chat for you.Boards Christina is on:Royal Women’s Hospital - https://www.thewomens.org.au/Contact Christina or find out more about her: https://www.linkedin.com/in/christinaliosis/Resources Christina mentions: The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry Report: https://financialservices.royalcommission.gov.au/Pages/reports.aspxFOR MORE INFORMATION:Join the Take on Board community: https://www.facebook.com/groups/TakeOnBoard/Follow along on Twitter: @TakeOnBoardFor more information about Helga Svendsen: https://www.helgasvendsen.com.au/Interested in working with Helga? https://www.helgasvendsen.com.au/workwithmeTo contact Helga: helga@helgasvendsen.com.au

The Financial Services Royal Commission has recently focused attention on the superannuation sector, highlighting a need for more transparency for consumers as they look to the future.Analysts say it is a welcome change of direction, with many Australians having a limited understanding of superannuation and its importance in planning for a comfortable retirement. - Comisia regala de ancheta a seviciilor financiare si-a concentrat atentia asupra sectorului pensiilor private (superannuation), subliniind nevoia unei mai mari transparente pentru clienti, pe masura ce acestia inainteaza in varsta. Analistii afirma ca e o binevenita schimbare de directie, multi australieni avand o intelegere limitata a sistemului de superannuation si a importantei planuirii pentru un trai confortabil la pensie.

AIST CEO Eva Scheerlinck talks to Northern Trust Asset Management President, Shundrawn Thomas about culture, hot on the heels of the Financial Services Royal Commission that put a spotlight on the culture of Australia's banks, insurers and superannuation boards.

Australia’s Financial Services Royal Commission could not have happened without whistleblowers. But they often suffer for publicly revealing wrong-doing. Are they really the natural enemy of business? With Dr Xinning Xiao.

Estelle Pearson and Tony Coleman share their unique insights into the HIH Royal Commission, from watching lawyers "excitedly finding smoking guns in emails" to getting "requests for interviews from 4-Corners within 24 hrs". They reflect on lessons learned, as the current Financial Services Royal Commission enters its sixth set of public hearings.Tony was President of the Institute when HIH collapsed, in what was the largest corporate collapse in Australia's history, in March 2001. The events that followed radically affected his Presidential year. As the Commission's and the media's attention turned to actuaries for explanations of the collapse, the Institute took the opportunity to suggest possible solutions early in the piece.As the actuarial expert to the HIH Royal Commission, Estelle assisted Justice Owen and Council to understand the fundamentals of insurance, and how reinsurance and actuarial reserving works.She worked alongside lawyers and their assistants as they trawled through emails, handwritten notes and any other documents the Commission had called for. The excitement that ensued when a 'smoking gun' (usually an email) with regretful remarks was found was palpable, Estelle said. The pair also discussed the importance of "fessing up" to questionable behaviour and stepping back from "protecting the company", to see the bigger picture.Estelle is a Plenary Speaker at the upcoming General Insurance Seminar 2018! View the Program: https://actuaries.asn.au/microsites/general-insurance-seminar-2018/program-and-presentations

Estelle Pearson and Tony Coleman share their unique insights into the HIH Royal Commission, from watching lawyers "excitedly finding smoking guns in emails" to getting "requests for interviews from 4-Corners within 24 hrs". They reflect on lessons learned, as the current Financial Services Royal Commission enters its sixth set of public hearings.Tony was President of the Institute when HIH collapsed, in what was the largest corporate collapse in Australia's history, in March 2001. The events that followed radically affected his Presidential year. As the Commission's and the media's attention turned to actuaries for explanations of the collapse, the Institute took the opportunity to suggest possible solutions early in the piece.As the actuarial expert to the HIH Royal Commission, Estelle assisted Justice Owen and Council to understand the fundamentals of insurance, and how reinsurance and actuarial reserving works.She worked alongside lawyers and their assistants as they trawled through emails, handwritten notes and any other documents the Commission had called for. The excitement that ensued when a 'smoking gun' (usually an email) with regretful remarks was found was palpable, Estelle said. The pair also discussed the importance of "fessing up" to questionable behaviour and stepping back from "protecting the company", to see the bigger picture.Estelle is a Plenary Speaker at the upcoming General Insurance Seminar 2018! View the Program: https://actuaries.asn.au/microsites/general-insurance-seminar-2018/program-and-presentations

Welcome to Episode 8 of Good Will Hunters! On the show this week we have Andrea De Almeida. Andrea is the Executive Director of B-Lab, the not for profit organisation which supports the community of B Corps in Australia. Prior to this, Andrea worked for Social Ventures Australia where she was the Director of Venture Philanthropy. In this role, Andrea was responsible for incubating and testing innovative solutions to complex social problems. Andrea holds a Bachelor of Public Policy and Management and a Bachelor of Arts from the University of Melbourne. In addition, Andrea is a Vincent Fairfax Fellow, enabling her to work with other senior executives throughout Australia to undertake an advanced leadership experience. In this episode, we discuss the rise of B-Corps in Australia, and why more and more businesses are looking for an independent certification that distinguishes them as being socially and environmentally responsible. In the wake of the Financial Services Royal Commission, many are questioning the ethics of some of our largest businesses. Yet, more and more businesses are taking steps to expand their corporate social responsibility, become a social enterprise, attain B-Corp certification or play with impact investment. In this interview, we discuss these trends and more, including why law reform in Australia would enable more businesses to legally enshrine their mission and protect their Directors in the process. Andrea’s wealth of experience has equipped her with fascinating and important insights into the future of business and international development, and why we already have the tools we need to redefine profit, purpose and progress. 1:45 - What is a B-Corp? 2:55 - B-Lab 9:22 - Becoming a B-Corp 12:48 - Redefining business culture 16:30 - Building the B-Lab community 19:16 - The Benefit Company 20:25 - Impact Investment 25:50 - Why business MUST be a force for good 30:30 - Inclusive capitalism 36:00 - Business and international development Check out our article on this weeks episode, over at the Lowy Interpreter - https://www.lowyinstitute.org/the-interpreter/business-aid-and-aiding-business You can learn more about B-Lab Australia via their website - https://bcorporation.com.au Royalty free music by Bensound

Over the past couple of years there have been many changes that have dramatically reduced your borrowing capacity. The Financial Services Royal Commission, government has put pressure on the banks to reduce investment lending and a directive to tighten lending standards just to name a few. If you are unable to borrow then your only alternative is to invest your after-tax income/savings… and that is a much slower path to wealth.But don’t despair. You can still leverage your assets and income to build wealth. It’s just that some of the rules have changed.Be more proactive and plan aheadGone are the days when clients would buy an investment property on the weekend and ring us on Monday requesting us to organise a new loan. It just too risky to do that these days (then again, arguably, it’s always been too risky). It is important to plan ahead as credit is much tighter these days and credit polices are changing regularly. This will help you project your future borrowing requirements thereby allowing your mortgage broker and you to work out the best time to make any required applications. You must be more strategic.You must maximise borrowable equityIn a constantly changing credit market it becomes even more critical to maximise your borrowable equity. Borrowable equity is the amount of unused loan facilities that you have access to. Maximising your borrowable equity requires you to proactively increase your credit limits to 80% of your property/s current market value.The three common benefits of maximising your borrowable equity include:(1) To fund future investment(s) and/or other uses such as home upgrade, renovation, etc.(2) To maximise your loan buffers in case of any unforeseen changes or expenses – the more access to credit you have, the lower your overall risk as you have adequate financial resources to weather most storms.(3) In case your borrowing capacity changes in the future e.g. start a family and go down to one income, change employment, move overseas, property values decrease, credit policy changes, etc. We never know what is around the corner.Watch this 5 minute video that I recorded last year to learn more.Start early and don’t waste timeBuilding wealth is more of a marathon than it is a sprint. Becoming financially independent takes time. And in an environment where money is more difficult to borrow, it becomes more difficult to be able to “catch up” i.e. if you are starting your wealth journey a little later in life. Therefore, do your best to avoid procrastinating. The best time to start investing was yesterday. The second-best time is today.There are usually three ‘windows of opportunity’ in most people’s lives when building wealth is the easiest:When your career is established but before you start a family – as this is typically when you have a high surplus income;When your kids are in primary school but before they get to secondary school – as most parents will be able to return to work in some form (so income is higher) and your expenses will normalise e.g. no more child care, etc. If you plan to send your kids to private secondary school, then you need to start investing before those higher costs materialise; andWhen the kids are close to finishing secondary school, especially if they are in private schools as your education expenses will dramatically reduce and you can divert that cash flow into investments.If you are in one of these ‘windows’, it might be prudent to make the most of it before the window closes.More now than ever, its quality, not quantity that will ensure your successIf we agree that everyone’s borrowing capacity has reduced by 20% to 50% over the past year (it has), then we must acknowledge that our capacity to invest has also reduced accordingly. This means that there is less room for error. That is, all investments must perform.Simple logic and sound investment fundamentals command that the quality of the assets we invest in will dictate the returns. If we want above-average returns, we must invest in above-average assets. Therefore, I suggest that you should have even greater focus on ensuring your existing assets are working hard for you:all property investments are investment-grade assets and have a high probability of working;if investing in the share market, ensure you employ a low-cost, indexed (rules and evidenced based) approach – not trying to pick stocks or actively managed funds; andensure your super is in a low-cost environment.Work with an integrated teamOk, so, I admit that I have a vested interest in making this next comment; an integrated team works best. That is, a team that can provide impartial financial, tax and credit advice – because all these things are important to consider when formulating advice.I have a vested interest in saying this because that’s exactly what we do at ProSolution. But I have built my business in this way because I know that it’s in the best interest of our clients. That is, we can offer holistic advice and not leave any stone unturned.

The 'Big Five' - do you love them, or hate them? Or are you just not sure which way you swing?  This week Chris and Alex discuss the Banking and Financial Services Royal Commission - what has happened, why they have got away it for so long, and what does it mean from here.  

Alright everyone, preheat your ovens, pray a blessing on your spuds and break out the sour cream – it's time for some more holy hot potatoes. This week James Carleton feasts on the spicy issues found in the news, and his dinner guests aren't afraid of a bit of controversy. Larissa Minniecon is an Aboriginal Christian activist and Rev Chris Bedding is a pirate priest who recently avoided charges of blasphemy.

In this week's episode: the difficulty of accessing parental leave; artists asked to work for free; the "lost" generation of those born after 1973; the push to criminalise "wage theft"; and the fallout from the Financial Services Royal Commission. What are the theological implications of these realities -how do they speak of our understanding of justice, and of the distortions of "partiality".References Lufkin, Bryan "Dealing With Clients Who Expect You To Work For Free", located at http://www.bbc.com/capital/story/20180411-dealing-with-clients-who-expect-you-to-work-for-free Hoffman,  Michael "Japan faces up to the prospect of losing a middle class war", located at https://www.japantimes.co.jp/news/2018/04/14/national/media-national/japan-faces-prospect-losing-middle-class-war/#.WtQKOkxuJfw McCrostie, James "Court cases shine a light on Japan's problem with paternity leave" located at https://www.japantimes.co.jp/community/2018/01/28/issues/court-cases-shine-light-japans-problem-paternity-leave/#.WtQM3UxuJfw Schneiders, Ben and Millar, Royce "Push to jail employers for up to 10 years for 'wage theft'", located at https://www.theage.com.au/politics/victoria/push-to-jail-employers-for-up-to-10-years-for-wage-theft-20180407-p4z8ap.html Author Unknown "Banking royal commission revelations 'worse than I thought', says former ACCC boss" located at http://www.abc.net.au/news/2018-04-20/banking-royal-commission-allan-fells-accc-reaction/9679182 Carey, Alexis "Financial Services Royal Commission begins public hearings" located at http://www.news.com.au/finance/business/banking/financial-services-royal-commission-begins-public-hearings/news-story/070535cef877ff7c27cc82faf3dc3350 Yaxley, Louise "Malcolm Turnbull conceeds banking royal commission should have been called sooner", located at http://www.abc.net.au/news/2018-04-23/banks-royal-commission-shouldve-been-called-sooner-turnbull-says/9686596

The Financial Services Royal Commission takes centre stage in this week's Money Café. Ben Butler, Business Reporter for The Australian joins James Kirby, Wealth Editor at The Australian to discuss what the big four banks have been up to. James also goes through a number of listener questions regarding ETFs.   See omnystudio.com/listener for privacy information.