Pre-vetting advice to prevent fraud

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It’s not always practicable for licensees to get proper references for advises switching to their business, but ASIC senior executive leader Joanna Bird encourages them to put systems in place to protect their business against fraud.

“The sort of mechanism that licensees could consider would be pre-vetting all advice provided by an adviser over a period of time,” she told WP TV. "We were really heartened to see that some licensees did adopt that practise that we consider to be best practice.”

Leo Tutt from William Buck also has a few tips for minimising fraud in your practice. Watch the full interview on WP TV here.