A new regulator? Better empower ASICBY CHRISTOPHER PAGE | FRIDAY, 3 OCT 2014 3:36PMThe Australian financial services industry and Australia's financial advisers already have regulator dedicated to policing standards: the Australian Securities and Investments ... Upgrade your subscription to access this article
Join the growing community of financial advisers
with unlimited access to our latest news, research and analysis of the industry.
Become a premium subscriber today. |
Latest News
HNW clients value quality over fees: Praemium
High-net-worth (HNW) Australians who receive ongoing financial advice are more confident in their investments than those managing their wealth alone, new research from Praemium and CoreData found.
TAL launches new campaign focused on mental health
TAL has launched a new campaign, working with youth media group The Daily Aus, and partners with the AFLW, aimed at promoting mental wellbeing.
Selfwealth expands into full-fledged wealth platform
Trading platform Selfwealth has launched three managed portfolios, expanding from online brokerage into a wealth platform.
Adviser increase the 'strongest' since FY20: Padua WealthData
The number of financial advisers has risen to 15,169, with net gains of six new members this week, according to Padua WealthData's analysis.
Further Reading
Cover Story

Advice with soul
SACHA BURCHGART
FOUNDER & MANAGING DIRECTOR
BURCHEART PTY LTD
FOUNDER & MANAGING DIRECTOR
BURCHEART PTY LTD
Though she initially tried, Sacha Burchgart couldn't escape the call of a career in financial advice; it just took staring down her own mortality to see what's possible when you do things differently. Jamie Williamson writes.









You are absolutely correct, we need a simple, streamlined environment in which the consumer can confidently seek qualified advisers that they can afford.
Over-regulation has seen the cost of advice increase to the point where the average punter can ill afford it at a time that they likely need it most.
If all the money expended on a raft of inquiry's was used to bolster the stocks of the incumbent regulator and it was held accountable we would not be wasting breathe on talk of yet another body
It is most certainly not regulation and rules we need and its not competency training. I haven't seen anyone given poor advice or effectively stolen from with excessive commissions and fees due to lack of adviser knowledge. It's simply been because the adviser was a greedy, self interested person. The only effective deterrent is far greater consequences and punishment together with wider publication of punishment. Hold the advisers accountable for any advice not in the client's best interest, just as any other professional can be.
It's really simple: speeding fines and policing work.
Without them it's not lack of knowledge or competency that causes people to speed.
Any move to reduce the FPA's industry stranglehold would be welcome. Regardless of what you perceive the value of qualification to be, advisors are like victims of the Pied Piper as a result of the FPA's aggressive market positioning and unfortunate market power. An alternative needs to be presented and I would rather pay fees to anyone than the FPA. It is about quality and professionalism, not vested interest