Medcraft's appalling speechBY CHRISTOPHER PAGE | FRIDAY, 12 DEC 2014 10:35AM I am surprised. More than that, I am astonished, shocked. Last week I was left speechless by the address that the Australian Securities and Investments Commission (ASIC) chairman ... 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
Former financial adviser charged in alleged $160k super fraud case
Former financial adviser Abdullah Popal has been charged with alleged fraud offences in Sydney's north-west, accused of hoodwinking five individuals out of over $160,000 from their self-managed super funds (SMSFs).
Reducing super tax cap to $2m 'a concern': FAAA
The FAAA has voiced concerns over the Labor government's proposed superannuation tax, saying if they are negotiating with the Greens, a reduction in the cap to $2 million would be problematic.
FAAA calls for stronger consumer protections in advice reforms
The Financial Advice Association of Australia (FAAA) has opposed collective charging for "always complex and costly" retirement planning advice and emphasised the need for consumer protection in the provision of super nudges in its submission to Treasury on the Delivering Better Financial Outcomes (DBFO) ...
Adviser numbers jump in March quarter: Rainmaker
The March quarter saw the highest number of financial advisers join the sector in the last seven years to reach 15,982, according to Rainmaker Information.
Further Reading
Cover Story
Moving mountains
MAGDELINE JACOVIDES
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
FOUNDER AND FINANCIAL ADVISER
MAZI WEALTH
On top of running a successful practice, Mazi Wealth founder Deline Jacovides is a fierce advocate for closing the superannuation gender gap and has built a highly popular social media presence that takes financial literacy to the next level. She tells Karren Vergara where her passion comes from and how she integrates it all with family life.
Expert Feed
Redefining Pathways: What financial planning can learn from accounting's bold move
When I traded my Chartered Accountant hat for a career in financial planning, I didn't just switch professions - I gained a new perspective on the evolving ...
'Chameleon ETFs': Still groundbreaking and here to stay?
It was coined as a 'gamechanger' - an ETF that can be bought and sold on the ASX or Cboe Australia but that can also be applied for, and redeemed, directly ...
Now is the time to be brave
Recently, the first Delivering Better Financial Outcomes bill passed in both the Senate and the House of Representatives, marking a significant step forward ...
Why philanthropy is an important conversation advisers should have with clients
Financial advisers are in the box seat to assist clients with their philanthropy, yet a lot still don't raise the topic with clients.
Whats your answer Christopher...silence the regulator? Of course the regulator need to be in the public space. Unfortunately they don't use a big stick, perhaps relying on the ethics of the sector to get the message and improve. Apparently you don't get the message.
The regulator has the right to be angry at the nonsense uncovered in the banks. He is also correct and supported by the FSI report in getting the Corporations Act changed so that he can keep product that is rapacious out of the marketplace. for example the PDS for some Forest schemes highlighted 20% upfront commissions to accountants.
Mr Medcraft is looking at the thousands of people who have lost their life savings mostly because people thought it was OK to do them over.
You have to act in the best interests of the client and if you do not then you should resign from this industry.
If the regulator is going to look to cap the insurance market then that is market interference but if the regulator is going to review all product coming onto the market then that is a good use of the regulatory function. It is when the regulator tries to control the market that they get ultimately smashed up.