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Capital FailureRebuilding Trust in Financial Services$
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Nicholas Morris and David Vines

Print publication date: 2014

Print ISBN-13: 9780198712220

Published to Oxford Scholarship Online: October 2014

DOI: 10.1093/acprof:oso/9780198712220.001.0001

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Trust, Conflicts of Interest, and Fiduciary Duties

Trust, Conflicts of Interest, and Fiduciary Duties

Ethical Issues in the Financial Planning Industry in Australia

Chapter:
(p.305) 14 Trust, Conflicts of Interest, and Fiduciary Duties
Source:
Capital Failure
Author(s):

Seumas Miller

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198712220.003.0014

This chapter describes the Future of Financial Advice (FOFA) legislation introduced in Australia to deal with problems in the professional ethics of financial advisors. The legislation bans various forms of conflicted remuneration for financial advisors and attaches fiduciary duties to their roles. The chapter provides a conceptual analysis of the key ethical notions of trust, fiduciary duties, and conflicts of interest as they pertain to financial planning. The FoFA legislation is part of the overall integrity system for financial services, the four dimensions of which are regulation, market incentives, reputational incentives, and underlying moral beliefs and attitudes. The FoFA legislation incorporates several measures designed to contribute to the process of transforming sales personnel into a profession, but there remains a question as to whether the culture of members of the occupation of financial advisor will shift from a sales-based culture to the culture of a profession in this macro-institutional context.

Keywords:   financial legislation, professional ethics, financial advisors, remuneration, fiduciary duties, conflicts of interest, financial services, financial conduct, profession, culture

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