KPMG's summaries of the RC findings and their implications contain some interesting insights, and particularly relevant is the piece on financial advice:
https://home.kpmg/au/en/home/insights/2019/02/financial-services-royal-commission-financial-advice.htmlA couple of relevant points in this for the IAM story - still doesn't guarantee that they'll be the final implemented solution for Commonwealth, but the landscape is certainly helping their cause at the minute:
"In KPMG’s view, there are three additional levers that directly impact the delivery of quality of financial advice in a compliant and efficient manner (whether the following are provided by a self-licensed adviser, or with the assistance of an advice licensee):Efficiency in the implementation of advice – delivery of customer advice through efficient, transparent and simple advice platforms, including the adoption of improved technology....."
"To support the Report’s recommendations, to ensure compliance with the legislative and regulatory changes, and to increase consumer confidence, advice licensees will need to further enhance their governance and control frameworks with clear accountabilities for risk monitoring and management, and an understanding of risk appetite.In line with our thoughts above, it is KPMG’s view that enhanced technology solutions will play a critical role in driving the required improvements in risk management, supervision and monitoring to ensure all required improvements can be delivered effectively and efficiently."
