New disclosure regulations 'a big leap for some businesses'

David Greenslade

At an FSC “Get In Shape” conference dedicated to bringing the industry up to speed on the new disclosure regulations, David Greenslade of Strategi Group said that the new disclosure regulations will be “a big leap forward for some businesses”.

Greenslade added that some RFA advisers would not be used to talking about their own remuneration, but that the regulations were clear that it will be “on you to disclose the value that you add to a portfolio. This includes disclosing how much you are getting paid.”

Mark Banicevich from Partners Life, responding to a question from the audience clarified: “You don’t have to disclose your salary to clients, but you do have to disclose your commission. Also you must disclose your individual reliability history, whether you had any bankruptcy or warnings from the regulator.”

There are four stages of disclosure as part of the new regulations.