Market Failure, Regulation and Education of Financial Advisors

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Abstract

This paper explores the recent series of financial scandals in the Australian financial advice industry. It examines the causes, consequences and responses to theses scandals by financial institutions, investors and regulators through the lens of relevant finance theory and extant literature. Although the paper focuses on the recent Australian experience the discussion and findings presented are of relevance to financial market regulation worldwide. It is proposed that a combination of compensation, education, training and structural reforms are required to reduce the undesirable effects of information asymmetry, adverse selection and moral hazard in the finance sector.
Original languageEnglish
Article number2
Pages (from-to)3-17
Number of pages15
JournalAustralasian Accounting, Business and Finance Journal
Volume10
Issue number1
DOIs
Publication statusPublished - 2016

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