The ASIC report into death benefit claims revealing the devastating impact of poor industry practices on grieving Australians has again highlighted the pressing need for change. While some funds have taken up the cudgels, others are still playing hardball on improving their service offering.
A Retirement Income Covenant obligation notwithstanding, there is still a paucity of these complex products on offer. The Advice Through Superannuation draft legislation might offer a way forward.
Life after custody: Travers takes on top ‘regtech’ role
David Travers, a former veteran of senior management in asset servicing who left RBC mid-way through last year, has made a career change by taking on the role of chief executive of a ‘regtech’ business, Fourth Line. He joins Tony McDonald, a serial financial services entrepreneur and Fourth Line chairman, alongside several other well-healed directors.
Travers was the head of RBC Treasury & Investor Services for 10 years, overseeing Australia and New Zealand, and a former head of asset servicing for State Street in Australia and New Zealand, where he also spent almost 10 years. Before that he held senior roles at what became J.P. Morgan and the former Permanent Trustees.
Fourth Line is a ‘regtech’ (regulatory technology administration) company offering risk management and compliance systems for financial advice practices, dealer groups and other wealth management participants. The firm uses algorithmic approaches to simplify advice reviews for compliance teams to coach and develop “data driven insights from advanced analytics for advisor, practice/dealer group and industry benchmark comparisons”. It also offers centralised document storage and access for regulatory needs.
Travers, a former chair of the Australian Custodial Services Association, started on a contract basis with Fourth Line last year and became the firm’s managing director shortly before Christmas. Other Fourth Line directors are: Simon Quirk, a lawyer and other operations specialist, Mark Bland, another financial services lawyer, and Dan Hunter, an academic in computer science and law with a PhD from Cambridge University.
– G.B.
