We must revisit the primary objectives of a sustainable financial services industry. To understand the needs of trusting and dependent clients we must of necessity include the consideration of relative simplicity. Clients can not be expected to grasp, in a matter of hours, that which has taken the Adviser weeks, months and even years to understand. In any other professional context, this would be a ludicrous expectation. Contrast the comparable complexities of law, medicine or accountancy.
Professionalism implies and demands the acceptance of responsibility for making decisions.
It also implies competence and integrity. Historically the financial services industry has been found wanting, in respect of all three attributes that in different circumstances would signify professionalism. Consequently it should come as no surprise that a regulatory process born out of the industry would of necessity tend to place a disproportionate emphasis upon the creation of system driven defence mechanisms. The 'audit trail', as the primary focus and function of the current regulatory process, bears witness to this assertion. Adherence to the 'audit trail' promises to protect the consumer and absolve both the industry and the Practitioner from any final responsibility for advice given or the acceptance of a specific recommendation.