How overconfidence and the lack of an effective compliance program and rigorous risk assessment system can lead investment professionals into dangerous waters.
The Financial Services Authority in Japan is currently investigating a variety of financial institutions, and its interest appears to be client entertainment practices at financial firms.
A plan sponsor and investment managers discuss the benefits of the CFA Institute Asset Manager Code of Professional Conduct.
MassPRIM CIO touts benefits of CFA Institute Asset Manager Code of Professional Conduct to investment managers and regulators in the Asia-Pacific region.
We’re close to welcoming the 900th asset management firm to the list of those who claim compliance with the Asset Manager Code of Professional Conduct.
In recent times, there has been increased scrutiny of the role of financial advisers. In Singapore, this has taken the form of the Financial Advisory Industry Review recommendations. In Australia, such matters are under the purview of the Future of Financial Advice reforms while in India it falls to the Investment Advisors Regulation.
Retail investors may have been victims of another Madoff-style scam—this time with a Las Vegas-based company MRI International. There are signs that suggest the Japanese subsidiary of MRI International had sold around US $1.3 billion worth of investment products that were meant to provide income on U.S. medical fee receivables to Japanese retail investors.
What do magicians and the black sheep among investment advisers have in common? Well, for the purpose of this blog, a lot. Both magicians and notorious investment advisers make their money by selling illusions.
During a speech at the RCA's 2013 program on regulation, operations, and compliance, SEC commissioner Luis Aguilar highlighted the importance of compliance practices being developed and maintained in the interest of investors.
Mis-selling was highlighted as one of the most serious ethical issues in the recent CFA Institute Global Market Sentiment Survey. When asked to select among six options, 25% of Asia-Pacific respondents chose mis-selling as the number one ethical issue facing their local markets in the coming year.
The results of the 2013 Edelman Trust Barometer are out and the findings, for the financial services industry at least, are not encouraging.
CFA Institute continually promotes strong personal responsibilities; the CFA Institute Integrity List offers 50 ways to restore investor trust and stresses the importance of members placing their clients’ interests before their own. When renowned British economist and chair of the Kay Review of U.K. Equity Markets and Long-Term Decision Making John Kay writes an editorial article on the topic, you know you are in good company.
Regulators are stepping in to fill the ethical void. Indeed, the Monetary Authority of Singapore (MAS) and Stock Exchange Board of India (SEBI) have resorted to strict rules to regulate the behavior of financial professionals and investment advisers. Singapore’s Financial Advisory Industry Review (FAIR) Panel report was released on 16 January while SEBI recently published new Investment Advisers Regulations.
Given our intense interest in high professional standards of conduct in the investment profession, we still find it disappointing when we come across the never-ending stream of news about market participants who do not behave according to the rules.
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