Regulating financial advisers in the UK: lessons for Australia

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Prompted by the 2008 Global Financial Crisis, the Australian government introduced the Future of Financial Advice reforms in 2013. It aimed to improve the quality of financial advice by virtue of a best interests duty and a ban on conflicted remuneration, inter alia. Despite the reforms, public trust in financial advisers remains unacceptably low. Adviser misconduct, driven by conflicted selfinterest, remains prevalent. By contrast, there is relatively greater trust in financial advisers in the United Kingdom (‘UK’). This article focuses on how the UK regulates financial advisers, where the best interests duty and suitability rule also apply. The analysis that follows is confined to the legislative text. The UK regulatory regime offers directions and possibilities for further Australian reforms.

Original languageEnglish
Pages (from-to)424-452
Number of pages29
JournalUniversity of New South Wales Law Journal
Issue number1
Publication statusPublished - Apr 2021


  • Financial advice
  • FOFA
  • Banking Royal Commission
  • MiFID I
  • MiFID II
  • best interests duty
  • Suitability

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