JustInvest and the Ethical Investment Advisers (EIA) group have welcomed the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
“Transparency and accountability in investment advice and service is a key theme for Ethical Investment Advisers. We actively engage with the financial services industry to ensure that the values and expectations of our clients are met. Acting in the best interests of our clients is extremely important to us and the core of what we do” Louise Edkins, director Ethical Investment Advisers.
Simon O’Connor, CEO of Responsible Investment Association of Australasia (RIAA) said “This is a watershed moment for the finance sector. The industry and entities involved must reflect and remedy these wrongs, and address the gaps spanning leadership, culture and systems. From this stronger base, we can transform our industry for the better and start to align capital markets with achieving a healthy and sustainable society, environment and economy for all Australians.
Consumer research conducted by RIAA shows that 9 in 10 Australians expect their money to be managed with consideration of their personal values and ethics, alongside their financial interests. This includes consideration of the social and environmental impact of their investments, whether it be avoiding investments that contribute to human rights violations and animal cruelty, or supporting investments that deliver improved healthcare, education and renewable energy.
The Financial Planning Association of Australia (FPA) has also begun to react, recently finding high profile financial adviser Sam Henderson guilty of 9 of 10 alleged breaches of the FPA’s code of professional practice. In a statement, Dante De Gori said: “The FPA is committed to a better outcome for people that have not received professional, sound and ethical financial advice. People want to know who they can trust with their money; they deserve trusted and transparent financial advice that is unequivocally in their best interests as the client.
