Regulation adds costs and barriers that after 30 years could be argued to have been less effective than was otherwise hoped; as Brits and Aussies have been discovering all too frequently through the years. Regulation cannot be a guarantee for advice quality, ethics, or performance delivery; and cannot be expected to substitute common sense or knowledge for the public mind. Despite all this, regulation has delivered a robust process for oversight, redress and impact limitation that did not exist back in the 1980’s. We know this, because both Regency Directors were there! As a regulated, authorised and licensed Advisory firm, we are subject to the codes of conduct from our own regulator, plus subject to the many other regulators around the World where our client assets are located, administered, traded, and registered. All our advisors carry applicable industry and academic qualifications, and are serving Members of professional bodies too. We were directly involved in the design and installation of professional standards for our sector regulator, and presently Regency has a Director serving the LIIA self-regulation committee, as part of our broader commitment to delivering ethics and integrity standards.
Digital privacy and data protection have become significant issues and matters of debate in recent years, without a doubt. Like you; Regency too has concerns and worries over how to protect the financial affairs and data of our many clients, in addition to the more traditional advice and market risks their solutions naturally face. By virtue of the nationality and country of residence of our so many clients globally, we are indirectly subject to GDPR, you will be pleased to learn. This, despite Regency being in Asia and not Europe. We are directly subject to the Malaysia data Protection Act (MDPA) too. All our data is encrypted, fire-walled, and access restricted; thereby ensuring we are both GDPR and MDPA compliant. Furthermore, our marketing systems are different too; where we reach out with consideration and in a manner that gives you reason to interact with us, and the confidence that your many and unique needs are treated with respect and empathy.
Source of Wealth
Anti-money laundering and anti-terrorist financing regulations are a reality of the World we operate in, and these can vary somewhat between jurisdictions. Indeed, the extent of requirements to meet these regulations can often be driven by institutional interpretation. Factors that can determine the degree of additional supporting documentation can include where you are currently or usually physically and taxably resident; where the account being established will be registered; how, when, and from where the funding was acquired; where the remitting bank is resident or operates; and even where your registered adviser is located or regulated. The aforementioned may help explain the complexity that faces most financial accounts and transactions these days. And these rules and requirements continue to evolve at different speeds each jurisdiction or institution.
Complaints and feedback
In many instances, a complaint can be intended as feedback whereas feedback can sometimes be a complaint. Often, evaluating which is which can be subjective. In both instances, these are important and valuable. How else can we learn and evolve otherwise? Either way, both are processed in line with our standing procedures to ensure that the underlying cause or impact can be attended to appropriately and in accordance to the regulatory requirements we are Governed by.