But we must also admit, with some dose of humility in hindsight, that, collectively, the markets underestimated the risks and their consequences. Because of the agency nature of your business, the industry cannot thrive without considering the specific needs of each client.
Your clients must also be empowered so they could better define their requirements and how their financial resources could be optimized to meet these needs. Such symbiotic relationship therefore necessitates that we adhere to the standards on financial literacy as a pro-active initiative and consumer redress as a remedial measure, where warranted.