Breach reporting, product governance, giving feedback to your team, news, views and more.
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Hi There

 

Well team, ASIC is on the warpath (just in case you hadn't noticed). Mercer has to pay $11.3m for greenwashing and Amex got a $8.8m penalty for DDO.

 

These mega penalties got me thinking back to ASIC's FY23 report into breach reporting, which showed that in two third of cases, the root cause was determined to be staff negligence/error - ie 'someone stuffed up'. Two thirds!

 

I suspect that when each breach was investigated, it was clear that someone did indeed stuff up. However, I do wonder what happened afterwards. Were staff members required to do more/repeat training? (A pet hate of mine as it's a waste of time in 95% of cases). Or were the systems/tech reviewed to see if there is a way to make it impossible for someone to stuff up?

 

And now I'm listening to Banking Bad about the rise and rise (and some absolutely appalling behaviour) of the Australian banking system. Nearly every time something has gone horribly wrong in banking over the last 50 years, the response has been 'a few bad apples, nothing to see here'. I fear it's all related.

 

I mean, we've gotten past the bad behaviour in banking bad (I hope!) but the reluctance to spend money on regtech and/or allow the time to really dig into these issues in order to solve them continues apace, which leaves everyone in the position of having to say that a breach was caused by 'staff failure' because there's simply no time to do anything else. Not helped AT ALL by the non-stop changes in regulation I know.

 

What's the solution? Dunno! But it will definitely require some different thinking to what got us to this point.

 

One solution could be the old checklist! I've just finished listening to a book called The Checklist Manifesto, which considers if the checklist system used by pilots could be used in medicine... or financial services. The book recommends a list of 6-8 of the things that are either easiest to miss and/or highest risk if they are missed. It makes some good points, which I'll happily tell you all about if you ask :).

 

Another way to check that you've got all your ducks in a row is to attend ASFA NSW Regs&Legs on Monday. Victoria Hugh will be discussing product product governance - you don't have to be a NSW ASFA member to attend - details below. 

 

And lastly, if/when you do have to give feedback in the case of a breach caused by a staff member, I found this great read in HBR on how to give feedback (see link at end of newsletter).

 

Cheers

Sarah

Mayflower CEO

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NEWS & VIEWS 

 

FSC pushes back on YFYS expansion - Professional Planner

 

AFCA complaints surge in FY24 - Financial Standard

 

Super funds need to get better as they get bigger - Financial Standard Super

 

FEAL names Fund Executive of the Year - Financial Standard

 

AFCA concerns over super scams - SMSF Adviser

 

A taxing time for super: rethinking asset allocation in light of new rules - Investor Daily

 

Super for housing will cause rents to soar: SMC - Financial Standard

 

New shadow assistant treasurer's vision for advice, super - Financial Standard

 

Coalition renews calls to ramp-up scrutiny of super boards amid CFMEU scandal - Investor Daily

 

Shadow minister strikes conciliatory tone on industry super funds - Investment Magazine

 

Retail funds making inroads but too soon to declare comeback - Investment Magazine

UPCOMING EVENTS 

   
ASFA NSW Legislation Discussion Group Webinar - Victoria Hugh will be presenting on product governance. Monday, 12 August 2024 at 1-2pm. Register here.
 
Mayflower PDS Roundtable Online Discussion Group - Tuesday, 20 August 2024, 12:30-2pm. Topic: Web Disclosure with guest speaker Merren Taylor and Liz Hastilow from Norton Rose Fulbright Australia. Hosted by Katie Sparkes, Mayflower Senior Account Manager. Email Katie if you'd like to come along.
 
2024 ASFA Investment Summit - 3-5 September 2024. Rydges Hotel, Newcastle. Register here. 
 
CREW Webinar - Marketing of Financial Products and Services with Kathryn Ginns and Julie Hartley from Source Services Australia- 11 September 2024 - 1-2pm. Women only - sorry blokes. Hold the date. 
 
Women in Finance Awards 2024 - 15 November 2024 - Hyatt Regency, Sydney. Register here.
 
ASFA Conference - 19-21 November 2024. ICC Sydney. Register here.

OVERCOME YOUR FEAR OF GIVING FEEDBACK 

Giving Feedback

Managers often have pre-conceived notions that can act as a barrier to giving timely, helpful and honest performance feedback. Three of the most common preconceived notions are: 1) the feedback conversation is going to be long and drawn out; 2) the feedback needs to be perfect; and 3) the feedback might be taken the wrong way. It’s understandable that you don’t want to upset your direct reports. Nevertheless, other people’s responses are out of your control. Great read in HBR here. 

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Then let's talk! mayflower.com.au

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