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April 2019 – Digesting the Royal Commission

Newsletter

We have now had time to start to digest the findings of the Hayne Royal Commission.

GPS could dismiss the findings as not affecting us, as there were no direct findings relevant to how we conduct business.

We could point out that the banks finally look like they will have to comply with requirements like “act in the best interest of investors”, which we have had to do since 1997. Think – we are twenty years ahead of them.

We could also lament about the potential of even more regulation.

My view is that GPS needs to use the findings to continue to build an even better and stronger GPS.

The approach goes back to the introduction of the Managed Investment Act in 1997.

I have noted in previous articles how I, as a young lawyer at the time, struggled with the new concepts until somebody at a conference explained that rather than writing a compliance plan, write a business plan and then change the name.

This was when the light went on. This approach has helped me guide GPS through rafts of regulation and legislation ever since.

GPS has learnt a lot from the Hayne Royal Commission. There is too much for a single article, so in coming months I will share the experience of the journey and hopefully put it in a perspective on how it will benefit us all.

Richard Woodhead – Managing Director

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