Quo Vadis QAR? Michelle Levy’s Quality of Advice Review (QAR), seems keen to put the banks back in business flogging their products to trusting customers, with the only protection that the advice be “good”, rather than in the customer’s “best interests”. Will bank employees who thought their job was to help customers with their banking…
According to Reuters, as of Feb 1, ChatGPT (the new AI robot on the block), reached 100 million monthly active users in two months after launch, making it the fastest-growing consumer application in history. It has passed law exams in four courses at the University of Minnesota and another exam at the University of Pennsylvania’s…
Most people assume we seek financial planning advice to help us achieve our financial goals, but the truth may be a little “darker”. I have often wondered why the percentage of people seeking financial planning advice remains so constant, despite scandals (like the Hayne Commission), onerous compliance requirements and a service that is costly, inefficient…
The QAR (Quality of Advice Review) is proposing that “good” financial advice be “good enough”, rather than following the current “best interests” rule. If the advice is reasonably likely to benefit the client, based on their circumstances at the time the advice is given, then it will pass the test. Following the banking royal commission,…
