Judge warns financial firms on technology interoperability; Train up ChatGPT like a staff member: Morgan Stanley

Justice Lisa Hespe has fired a shot across the bows at financial institutions regarding the interoperability of their IT infrastructure in her verdict in the ASIC v AMP Financial Planning case.

Firms introducing artificial intelligence to their businesses should treat it like a new member of staff to train up on the firm’s ethics and values, according to Morgan Stanley.

Reflecting on the seemingly slow pace of innovation in Australia’s financial services sector, panellists at the SIAA conference have warned foreign entrants could bring a proven business model and “play the game differently”.

The Pro Bono Financial Advice Network has welcomed three firms to its adviser network in another step towards improving the financial wellbeing of those in need.

ASIC has extended the deadline for registration of financial advisers and shared when it expects the portal to open.

AUSTRAC has accepted an enforceable undertaking from the Bank of Queensland to improve its compliance with Australia’s anti-money laundering and counter-terrorism financing laws.

The recent failures of US banks Silicon Valley Bank (SVB) and Signature Bank have unnerved investors globally, writes ST Wong.