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Compliance will be a 'constant adaptation process'

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Ksenia Stepanova | 26 Apr 2019, 12:16 p.m. Agree 0
Regulation expert discusses how the compliance landscape will shift
  • IA | 30 Apr 2019, 01:17 p.m. Agree 0
    There are two downfalls to the proposed regulation. Firstly, it won't prevent the (very few) rogue advisors in the Mortgage and Risk business - from providing self serving advice, their behaviors and actions will still look compliant, but will still not be customer Centric. Bad behavior never changes with regulation - it provides a place to hide.

    Secondly, the Consumer needs to be far better informed and educated, and most often they are not driven to sound advice, they almost always just want a lower price - the perceived "best deal". It's obvious that one only ever gets what they pay for - and "the advice" is only ever going to be pulled out when their decision to "chase cheap" fails them. Banks and Insurers play the lowest price game through benefit omission or hidden fees to the ultimate detriment of the customer.

    It is very hard to convince clients that products and services that better suit their needs may cost more. The advisor will nonetheless be help to account.
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