Yes, the guidelines have to be robust, but not of a nit picking quality. Regulators need to be people who come from a proper financial services background, who are prepared to look at all sides of the arguments and are not associated with a particular political disposition.

I see too many failures right around.

The regulations should be applied in seeing all parties as one industry, offering various products.

That includes SMFs, Bank and Private financial planners, Industry Funds and also State Government Funds. There have been too many loopholes exploited by all of these. Unless the Governments concerned get together and recognise this, the clients will remain confused and disadvantaged.

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