The licensee statement is right in that costs of compliance are not discretionary. However, duplicate liability (licensees and advisers) is.

Lawyers and accountants have been able to manage the genuine difficulties mentioned by the licensees by using the partnership model combined with service companies. That could work for advisers as well.

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AFSLs are the one's responsible for poor advice outcomes. Anyone who has been around long enough knows they were the reasons we had FOFA in the first place. To say they facilitate compliant advice is a joke. They have been leaching off the industry for years and advisers can no longer afford these parasites

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