Let the dust settle on CoFI says former exec

A week into the CoFI regime one industry commentator says consumers do stand to benefit from providers having to work hard to ensure they hold on to their licences.

Former company executive David Whyte, now a consultant under DCW Management, says licensees will need to continue to invest in the systems behind their Fair Conduct Programmes.

“I'm very familiar with the internal mechanisms of product providers, and to that extent, the process of creating a fair conduct program has actually flushed out a number of issues that some of the product providers weren't even aware were issues certainly.

“The FCP created some awareness of things they didn't believe would be an issue, mainly systems driven, which is where the failures, if you like, or the issues have arisen with product providers overall since the FMA started to operate.”