FPA supports ASIC independence definitionBY KARREN VERGARA | FRIDAY, 30 JUN 2017 12:47PMThe Financial Planning Association of Australia is voicing its support for ASIC's definitions on independent financial advice. Related News |
Editor's Choice
Jo Townsend named chief executive of NZ Super
One of Australia's most experienced superannuation executives will take the helm of New Zealand's sovereign wealth fund, following Matt Whineray's departure late last year.
QMV Legal folds, managing partner to launch new firm
Novigi will wind up QMV Legal as its managing partner Jonathan Steffanoni embarks on launching a new specialist superannuation law firm.
Best super fund products revealed
The best superannuation fund products, based on factors such as investment performance, insurance, fees, and organisational strength, have been named.
Platinum bleeds $1.4bn in outflows
Platinum Investment Management flags it will lose at least $1.4 billion as a partial redemption from institutional clients over the next month, translating to an $18 million hit to revenue.
Products
Featured Profile
Fiona Mann
HEAD OF LISTED EQUITIES AND ESG
BRIGHTER SUPER
BRIGHTER SUPER
Brighter Super head of listed equities and ESG Fiona Mann was shaped by a childhood steeped in military-like discipline and global nomadism. Andrew McKean writes.
No matter what ASIC would like the terms to mean, "non-aligned" and "non-institutionally owned" are statements of fact, not subject to interpretation. Worse still, ASIC has suggested that they will police the use of "similar terms". So, where's the line? Is "privately owned" off limits too?
I would love to see a prosecution of use of the terms survive a legal challenge.
By all means, anyone with a vested interest in a transaction should have to declare such, but there are more than two licensee models in the marketplace. Lumping all other than those with a pure fee-only offer into the same category as internal bank run houses does not serve the interests of the consumer. It DOES, interestingly, suit the big institutions quite nicely. Coincidence?