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
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.
Expert Feed
What America's $1 trillion direct indexing boom tells us about the evolution of MAs
What Australia can learn from direct indexing, a tax-efficient form of managed accounts utilised in the US.
SMSF changes unlikely to deter those seeking greater control over superannuation
HLB Mann Judd's Mitchell Markwick believes the recent changes will not slow down the rapid growth in SMSFs.
Stonepoint is another lesson in fund governance and investor protection
The demise of the Stonepoint Capital Fund may have gone under the radar for many, but proves an important point for independent governance when examined.
A never ending story of levies
The extensive processing period for Shield and First Guardian complaints means financial advisers will likely not be able to see an end to a series of ...
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.