AIST supports the intention of all 12 standards and we are confident that most of our member funds will be able to meet the proposed requirements. That said, some funds will need to change the way they currently operate, particularly in relation to the requirement to build up certain levels of operational risk reserves.

This industry is no stranger to change. Reforming this industry – particularly when it comes to the delivery of low-cost and unbiased financial advice – is long overdue. As Elvis Presley once sang, “a little less conversation, a little more action, please.”

Fiona Reynolds is the chief executive officer of AIST.