Financial Standard Comments - Adviser cops 10-year sentence A former financial adviser who took more than $10 million from clients to fund his lavish lifestyle will spend the next 10 years in jail. https://www.financialstandard.com.au/feed/latest?story=179801577 Mon, 09 Oct 2023 09:29:51 +1100 Mon, 09 Oct 2023 09:29:51 +1100 en-AU Copyright 2026 Financial Standard 5 Comment by Patrick McMenamin (Common Cents Financial Services)

What this outcome proves is that the draconian compliance regime, particularly post RC, is a farce. What oversight was provided by ASIC, AFCA and the relevant AFS Licensees? Passing legislation to require "honest" advisers to complete reems of paperwork does not stop "crooks", because "crooks" simply ignore the compliance.

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]]> Patrick McMenamin (Common Cents Financial Services) Mon, 09 Oct 2023 09:29:51 +1100