Regulation is top future risk for financial services

The threat of regulatory change has outranked cybercrime as the biggest risk to the financial services industry

The threat of regulatory change has outranked cybercrime as the biggest risk to the financial services industry, according to a recent survey. The Allianz Risk Barometer shows that a raft of post-Global Financial Crisis changes in Australia, including the Future of Financial Advice (FOFA) reforms, saw regulation move to first place on the risk scale for financial services. 

Although it supports the principles of FOFA, the government has stated that it believes the previous government's reforms went too far, creating unnecessary complexity, imposing burdens on industry and reducing the availability and increasing the cost of advice to consumers.

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Amanda Ciccatelli

Amanda G. Ciccatelli is a Contributing Writer for InsideCounsel, where she covers the patent litigation space. Amanda earned a B.A. in Communications and Journalism from...

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