Defining a Fiduciary Standard
The vast majority of the world's liquid investable wealth is in the hands of investment fiduciaries (Stewards, Advisers and Fund Managers), and the success or failure of investment fiduciaries can have a material impact on the fiscal health of any country.
It is critical to define the detail of a fiduciary's prudent investment process.
The Prudent Practices developed by fi360 are a guide for investment fiduciaries to follow, to demonstrate prudence in managing investment decisions. By following a structured process based on the Practices, the fiduciary can be confident that critical components of an investment strategy are being properly implemented.
The Practices are organised under a four-step Fiduciary Quality Management System. The steps are consistent with the global ISO 9000 Quality Management System standard, which emphasises continual improvement to a decision-making process:
Step 1: Organise
Step 2: Formalise
Step 3: Implement
Step 4: Monitor
For each Practice, one or more Criteria are provided to define the Global Standard of Excellence associated with the Practice.
The Practices represent the minimum process prescribed by law; the Criteria represent the details of the Global Standard of Excellence. In addition, a Suggested Procedure is provided to demonstrate how each Practice could be implemented.
fi360 Australasia provides resources for fiduciaries and guidance on the application of the practices for the region and also serves as an independent rating and certification agency.
For information on CEFEX certification within Australasia and to purchase information and resources,
PRUDENT PRACTICES FOR INVESTMENT STEWARDS AND INVESTMENT ADVISORS (NEW ZEALAND EDITION)
fi360 (Australasia) has developed New Zealand and Australian editions of handbooks that define a Global Standard of Excellence and what can be done to improve investment decision-making process.
The handbooks are part of a series of handbooks published by fi360 to act as reference guides to knowledgeable investors and fiduciaries.
The handbooks are only available through the offices of fi360 (Australasia). You can order online here or if you would like further information please do not hesitate to call us on 0800 360 000