Financial Standard Comments - No one reads the PDS: ASIC ASIC is calling time on the financial services industry's reliance on disclosure as the default consumer protection, saying it enables poor conduct and poor consumer outcomes. https://www.financialstandard.com.au/feed/latest?story=147181605 Tue, 15 Oct 2019 15:01:16 +1100 Tue, 15 Oct 2019 15:01:16 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by Gabriel Szondy (CII)

The super industry has been up in arms to ASIC about this for years yet ASIC has been the main culprit, insisting that PDSs contain more and more information - 99% meaningless to ordinary superannuation members.

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]]> Gabriel Szondy (CII) Tue, 15 Oct 2019 15:01:16 +1100 Comment by Sue Allen (Radford Allen Financial Services Pty Ltd)

So why have advisers for years had to give out what is now recognised as meaningless information? Just a waste of time. Compliant advice has never been the equivalent of good advice. ASIC has never understood this. No wonder people try to DIY their super, insurances and investments. No wonder people don't like paying for "advice" when there's so much meaningless information involved. When will we be allowed to get back to basics???

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]]> Sue Allen (Radford Allen Financial Services Pty Ltd) Tue, 15 Oct 2019 15:19:59 +1100 Comment by Andrew McDermott (AJM Financial Planning)

ASIC you are the one who wants the disclosure. You started this war. Don't complain that it doesn't work. Of course no one reads the PDS. You didn't need to conduct market research to discover that.

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]]> Andrew McDermott (AJM Financial Planning) Tue, 15 Oct 2019 15:20:16 +1100