Top compliance challenges for Asian wealth management in 2013
The biggest challenges for wealth management organisations in Asia relate to mis-selling and suitability, followed closely by tax criminality. Another issue they face is around technology, given that robust systems are needed to support and monitor bankers and other advisers. Yet there are significant cost implications, leading to changes in budget allocations.
Compliance obligations drive new approach to remuneration
In response to challenges in relation to meeting changing regulatory and compliance requirements in Asian wealth management, banks and other financial institutions are adapting the way they reward frontline staff.
Assessing the fairness of FAIR
Proposed new regulations for Singapore’s financial advisory community have provoked a mixed response, with industry experts claiming that – while reforms are necessary – regulators must beware of the impacts of some changes if implemented prematurely.
Implications of Singapore's FAIR recommendations
If the recommendations of Singapore’s financial advisory industry review (FAIR) panel –released in mid-January – are adopted, the results could be both positive and negative for the industry.
Weighing up Asian locations for independent asset managers
Despite the roles of both Hong Kong and Singapore as popular Asian wealth management hubs, they have significantly different types of appeal to independent asset management companies.
IAMs face ever-tougher compliance landscape in Singapore
With intensifying compliance and regulatory obligations, independent asset management companies in Singapore face greater challenges every day.
Risk profiling expert suggests due diligence questions
Paul Resnik is a co-founder of FinaMetrica which provides best practice psychometric risk tolerance testing tools and investment suitability methodologies to financial advisers in 20 countries. In response to the Indian Investment Adviser Regulations, he offers some suggestions on how to assess risk profiling tools.
Financial advisers get ready for a shake-up in Singapore
Lance Tay, chief executive officer of Tokio Marine Life Insurance, explains to Hubbis the expected changes to the insurance and financial advisory communities in Singapore as a result of the Financial Advisory Industry Review (FAIR).
Regulatory review - November 2012
Below is a snapshot of some of the key local and international regulatory and compliance developments in November 2012 relevant to the Asian wealth management industry.
The need for regulatory infrastructure in Indonesia
Sustainable growth of the wealth management industry in Indonesia requires a better-developed regulatory environment to support financial institutions in providing the best quality service to clients.
Regulator interview: Mark Steward, SFC
Mark Steward, executive director, enforcement division at Hong Kong’s Securities and Futures Commission (SFC), talks to Hubbis about his priorities for the year ahead, as well as the increasing collaboration between regulators across borders.
The strain for regulators in meeting global demands
Philippa Allen, chief executive officer and managing director of Compliance Asia, explains to Hubbis some of challenges and burdens regulators face as a result of international pressure, as well as the knock-on effect on the firms under their supervision.
Consolidating the compliance burden
The ever-increasing regulatory burden on compliance officers in Asian wealth management – a perennial topic of discussion – is having a significant impact on this role and function within organisations.
Indian wealth managers seek clarity on adviser regulations
The wealth management industry is still not clear on the implications of the draft Investment Adviser Regulations, and is considering seeking clarification from the Securities and Exchange Board of India (SEBI).
Prioritising the challenges for Asia's compliance officers
Philippa Allen, chief executive officer and managing director of Compliance Asia, talks to Hubbis about the many, increasing challenges for compliance practitioners as a result of having to deal with so many jurisdictions at different stages of development – and with varying approaches to regulating their financial markets and respective institutions.
Dealing with a tougher EAM regime in Singapore
Anthonia Hui of AL Wealth Partners explains the implications for the external asset management industry, and individual firms, of recent regulatory changes and new licensing requirements in Singapore.
Regulatory review - September 2012
Below is a snapshot of some of the key local and international regulatory and compliance developments in September 2012 relevant to the Asian wealth management industry.
Regulatory review - August 2012
Below is a snapshot of some of the key local and international regulatory and compliance developments in August 2012 relevant to the Asian wealth management industry.
FATCA - dealing with the reality of implementation
Mark Jansen of PwC explains what is required for financial institutions to be able to implement the necessary systems and process to ensure they are complying with FATCA.
Suspicious minds focus on growing money laundering threats
As some economies weaken while others stabilise and grow, cash moves around the world to the most favourable markets.
Building a more cohesive suitability culture
In January 2012, the Monetary Authority of Singapore’s (MAS’) recommendations on investment products and how they are sold came into force.
Banks continue to grapple with cross-border guidelines
Compliance officers in Asia are increasingly focusing their attention on developing cross-border sales guidelines to ensure compliance with rules in multiple jurisdictions and protect their institution from regulatory censure.
Developing a culture of compliance in Asian wealth management
Mounting regulatory requirements and the increasingly burdensome environment for wealth management firms in Asia are forcing the debate on the overall compliance culture in the industry.
FATCA - why banks must get ready now
Mark Jansen of PwC explains the latest progress in terms of FATCA, as well as the timelines that financial institutions must be aware of in order to get prepared and avoid the consequences of non-compliance.
Asian wealth management suffering under the compliance strain
The regulatory and compliance burden continues to cause concern among wealth management firms across Asia in various ways.
Is tax the real driver for being compliant?
Tax evasion versus tax efficiency is a perennial grey area in banking. Using offshore tax to hide funds has generated a lucrative and, until now, thriving industry in wealth and trust management.
Regulatory review - July 2012
Below is a snapshot of some of the key local and international regulatory and compliance developments in July 2012 relevant to the Asian wealth management industry.
Finding a way to fight front-office threats
How to control client advisers is a greater source of debate and concern than ever before as private banks continue to struggle with the complex and uncertain regulatory and compliance landscape which is the new reality in Asian wealth management.
Regulatory review – May 2012
Below is a snapshot of some of the key local and international regulatory and compliance developments in May 2012 relevant to the Asian wealth management industry.
Fears over FATCA grow at private banks
The harsh and far-reaching reality of the US Foreign Account Tax Compliance Act (FATCA) has finally begun to dawn on many financial institutions in Asia – with only a little more than six months to go before the main regulations take effect.