Past failures may indicate future failuresBY PAUL TYNAN | FRIDAY, 18 SEP 2020 2:39PM I have produced the following commentary out of genuine concern for the future of the financial services advisory sector. At present, the outlook for advice sector is dark and ... Upgrade your subscription to access this article
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MAGDELINE JACOVIDES
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Well done Paul. At last, a genuine article to what is happening to a wonderful Industry to which I have pride in saying that I have been involved with and in, for the past 33 years (unfortunately, I have made the decision to retire, thanks to the unworkable situation we now find ourselves in).
Every one of your points are valid and truthful, but it seems no-one cares. When I see Planner number diminish by close to 6,000 and new Planners at 23 over the past year or so, something is definitely broken.
Paul, I hope other commentators also address the pertinent points you have raised in your article, as our Industry is gone without some common sense prevailing.
Paul, thank you-you said it all!
Sadly we have a Coalition Government that has lost its mojo - it is now more interventionist than anything Labor could conjure up, even threatening to bui;ld a gas-fired power station. Whatever happened to a concern for small business.
Prior to 2004, ASIC did not exist with the powers it currently has in financial advice - its job was to regulate companies and securities. I would prefer the ACCC to be our regulator
The facts are ASIC should not be given the credence of a policy department-it should be a regulator ONLY. Right now they are too well funded, hence the capacity to engage consultants on 10 year look-backs
Unless the FSC grows kahunas are starts harassing Frydenberg, this will not stop. But the the FSC never cared about advisers, so thats a problem.
Your comments on our alphabet soup of "professional" bodies is right on, but the first thing that must happen is those bodies CEASE TAKING FUNDS FROM ANY PRODUCT PROVIDER, even for conferences. FULL STOP !
An excellent article that sums it all up.
And don't forget that this has been going on for a long, long time.
https://www.moneymanagement.co...
This would have to be one of the greatest regulation failures of all time. It has resulted in catastrophic destruction all round, with the exception of lawyers, compliance providers and bureaucrats.
The worst part is that there is no indication this will ever stop. Yet another review is underway, due to deliver its final report in 2023.