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Page 1: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– JohnSmith

§ INCREASINGLYMOBILEPOPULATIONS,ESPECIALLYRETIREESWITHASSETS

§ LOWINTERESTRATEENVIRONMENTDRIVINGINVESTORSUPTHERISKCURVE,ESPECIALLYOLDERINVESTORSWITHFEWORNOEARNINGYEARSREMAINING

§ OTHERISSUESUNIQUETOOLDERINVESTORS(CAPACITY,SUBSTITUTEDECISION-MAKING,ABUSE,TARGETEDSCAMS)

§ ABILITYTOCOMMUTEPENSIONSANDFREEUPPENSIONASSETSTHROUGHEARLYWITHDRAWALPROVISIONS

§ SALESACTIVITYHAPPENINGACROSSJURISDICTIONALBOUNDARIES(LIVEANDVIATHEINTERNET)

Page 2: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– JohnSmith

§ UNLICENSEDINDIVIDUALSENGAGINGINTHEPROMOTIONANDSALEOFINVESTMENTPRODUCTS(QUESTIONOFREGULATORYANDDISPUTERESOLUTIONBODIES’ABILITYTODOANYTHINGINTHOSECIRCUMSTANCES)

§ IFCRIMINALACTIVITY,ENFORCEDDILIGENTLY?

§ ALTERNATIVEINVESTMENTSBEINGSOLDASRETAILANDTHECHALLENGETHEYCREATE

§ WHOCOVERSTHESALEOFINSURANCEPRODUCTSASINVESTMENTS?IFSEPARATEREGULATORS?ARETHEREGULATORYSTANDARDSAPPLIEDTHESAMEINBOTHCASES?

Page 3: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– JohnSmith

§ IFDISPUTERESOLUTIONININVESTMENTSANDINSURANCEARECOVEREDBYDIFFERENTDISPUTERESOLUTIONBODIES,WHICHONEHASJURISDICTIONFORACOMPLAINTINVOLVINGTHESALEOFANINSURANCEPRODUCTASANINVESTMENT?ARETHEAPPROACHESANDSTANDARDSOFFAIRNESSTHESAME?

§ CROSS-BORDERCOMPLAINTSANDPROTOCOLSBETWEENDISPUTERESOLUTIONBODIES

§ RISKASSESSMENTSMADEBYFIRMSINDISCLOSUREDOCUMENTATIONANDRELIANCEUPONTHEMBYINVESTORSATPURCHASE,ANDLATERBYFIRMSWHENINVESTMENTSUITABILITYISCHALLENGED(WHOSAYSWHETHERAFUNDIS HIGH-RISKORNOT?)

§ PRODUCTFIRM(FUNDCOMPANIES,INSURANCECOMPANIES,ALTERNATIVEINVESTMENTCOMPANIES)RESPONSIBILITYTOENSURETHATTHEIRPRODUCTSARESOLDONLYBYLICENSEDINTERMEDIARIES(FIRMSANDINDIVIDUALS)?LIABLEFORLOSSESIFTHEYDONOTTAKEREASONABLECARE?

Page 4: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– JohnSmith

§ DEFINITIONOFRISKINDISCLOSUREDOCUMENTATIONANDLATERWHENLOOKINGATCOMPLAINTS

§ SHOULDLOSSESDUETOINDIVIDUALUNSUITABLEINVESTMENTSBECOMPENSATEDORDOYOUNEEDTOLOOKATTHEPERFORMANCEOFTHEOVERALLPORTFOLIO?

§ SHOULDINVESTORSRECEIVEBACKONLYTHEAMOUNTLOSTORSHOULDTHEYRECEIVEWHATTHEYSHOULDHAVEEARNEDIFTHEYHADBEENSUITABLYINVESTED(OPPORTUNITYCOST)?

§ WHATDOWELOOKTOASTHEBENCHMARKSFORASUITABLY-INVESTEDLOWTOMEDIUMRISKPORTFOLIO?

Page 5: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– JohnSmith

§ ISTHECOMPENSATIONOFTHESALESPERSONRELEVANTTOTHEANALYSISOFTHECOMPLAINT?WASTHECOMPENSATIONSTRUCTUREACONTRIBUTINGFACTORINTHISSITUATION?

§ WASTHERECONTRIBUTORYNEGLIGENCEONJOHN’SPART?WASHESUFFICIENTLYSOPHISTICATED,DESPITEBEINGALOW-RISKINVESTOR,TOASSUMESOMERESPONSIBILITYFORTHISOUTCOME?

Page 6: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– MaiaSariman

§ ABILITYFORDISPUTERESOLUTIONTOSECURECOMPENSATIONFROMFIRMSANDINDIVIDUALSIMPEDEDBYDEREGISTRATION/DISSOLUTION

§ WHATISTHERESPONSIBILITYOFNEWFIRMSANDINVESTMENTADVISORSTOENSURETHESUITABILITYOFINVESTMENTSALREADYINACCOUNTSUPONTRANSFERINOFACCOUNTS/ASSETS?

§ WHATISTHERESPONSIBILITYOFNEWFIRMSANDINVESTMENTADVISORSTOENSUREADHERENCETOINVESTMENTMANDATESUPONTRANSFERINOFACCOUNTS/ASSETS?

§ WASTHEREADISCONNECTBETWEENTHEINCOMEOBJECTIVEANDTHERISKTOLERANCE?

§ IFTHEREWASACONFLICT,HOWSHOULDITHAVEBEENRESOLVED?

Page 7: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– MaiaSariman

§ WHATARETHEEXPECTATIONSFORINVESTMENTADVISORSTOMEETWITHTHEIRCLIENTSUPONTRANSFERINOFACCOUNTS/ASSETS?HOWDOESTHISRELATETOTHEKNOW-YOUR-CLIENTREQUIREMENTS?

§ WHODEFINESASHARIA-COMPLIANTINVESTMENT?§ IFANINVESTMENTISNOLONGERSHARIAH COMPLIANTANDTHE

CLIENTINSISTEDONMAINTAININGASHARIAH COMPLIANTPORTFOLIOWITHOUTCOMPROMISINGTHEPERFORMANCEOFTHEPORTFOLIO,WHATWERETHEFACTORSTHATTHEADVISERSHOULDHAVECONSIDERED,ESPECIALLYIFTHEYWISHTORETAINTHECLIENT,ONCETHECLIENT’SCONCERNCAMETOTHEIRATTENTION?

Page 8: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– MaiaSariman

§ CONSIDERINGTHECLIENT’SMANDATE,WHATARETHECONTROLSTHATNEEDTOBEPUTINPLACEINORDERTOMITIGATETHERISKOFNON-COMPLIANCEWITHSHARIAH PRINCIPLES/NON-ADHERENCETOCLIENT’SMANDATEDURINGTHELIFEOFTHEPORTFOLIO?

§ CANTHESTANDARDVARYACROSSJURISDICTIONS?ISTHATRELEVANT?WHATABOUTSITUATIONSWHERETHEINVESTMENTADVISOR/FIRMANDTHEINVESTORAREINDIFFERENTJURISDICTIONS?

§ SHOULDINVESTORCOMPENSATIONINCLUDEPAYMENTSFORDISTRESSCAUSED?

Page 9: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– MaiaSariman

§ REGARDINGTHEALLEGATIONOFSHARIANON-COMPLIANCE,HOWDOYOUQUANTIFYLOSSORENTITLEMENTTOCOMPENSATIONINASITUATIONSUCHASTHIS;ESPECIALLYIFTHERETURNSFROMTHESHARIAH NON-COMPLIANTINVESTMENTSCONTRIBUTEDTOTHEOVERALLPOSITIVEPERFORMANCEOFTHEPORTFOLIO?

§ SHOULDTHEINVESTORBEENTITLEDTORETAINTHECASHEQUIVALENTOFTHEPORTFOLIOGAINSANDSEEKADDITIONALCOMPENSATIONFORDISTRESS?

§ DOWEASREGULATORSANDDISPUTERESOLUTIONPROFESSIONALSINNON-MUSLIMJURISDICTIONSKNOWENOUGHABOUTTHECOMPLEXITIESOFISLAMICFINANCE?WHERECANWESEEKOUTTHATEXPERTISETOBUILDCAPACITY?

Page 10: Case Study –John Smith · 2017-08-30 · case study –john smith § increasingly mobile populations, especially retirees with assets § low interest rate environment driving investors

CaseStudy– MaiaSariman

§ REGARDINGTHEALLEGATIONOFSHARIANON-COMPLIANCE,HOWDOYOUQUANTIFYLOSSORENTITLEMENTTOCOMPENSATIONINASITUATIONSUCHASTHIS;ESPECIALLYIFTHERETURNSFROMTHESHARIAH NON-COMPLIANTINVESTMENTSCONTRIBUTEDTOTHEOVERALLPOSITIVEPERFORMANCEOFTHEPORTFOLIO?

§ SHOULDTHEINVESTORBEENTITLEDTORETAINTHECASHEQUIVALENTOFTHEPORTFOLIOGAINSANDSEEKADDITIONALCOMPENSATIONFORDISTRESS?

§ DOWEASREGULATORSANDDISPUTERESOLUTIONPROFESSIONALSINNON-MUSLIMJURISDICTIONSKNOWENOUGHABOUTTHECOMPLEXITIESOFISLAMICFINANCE?WHERECANWESEEKOUTTHATEXPERTISETOBUILDCAPACITY?


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