I have been warning advisers for 2 years that AFCA and ASIC will treat advisers like a piggy bank to cover for failures if oversight. The FAAA have been asleep at the wheel when this should have been fought with only the AIOFP taking the matter on. If Anderson and Abood had worried more about their constituents rather than jockeying for positions we may have fought this with some success. As it stands the good advisers in the industry will pay an exorbitant cost incurred by an AFCA with no oversight when advisers recommending the failed fund ands the fund itself have been allowed to move to another of the parent licences with no oversight.

ASIC are hugely accountable at all levels for this disaster and simply drive good advisers into the ground to cover their own incompetence.

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Wouldn't mind seeing E&P kick the tin given they've snaffled a few advisers and a stack of FUM from the ashes... They've directly benefitted financially yet face a proportionately smaller burden.

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