OH boy.

So ASIC I'm guessing the 'best interest duty'(BID under FOFA reforms) doesn't apply to the corporates that are big enough to control ASIC decision making. As with the other product floggers (i.e. Industry Funds) regulation on who can provide advice has come down to a 'tick-a-box' free for all. "Corporate Bankers selling super advice, give me a break".

This will go well with your last mistake of allowing Accountants to become quassi advisers who are only interested in sticking the entire population into a self-managed super fund so they can get paid annually for doing nothing.

The only people left having to do their due diligence for clients (under FOFA) are the small Independent advisers that actually care about their clients future as they don't have shareholders to pander to.

How about you actually make this industry a level playing field and give the consumer adequate choice where next we'll have bank tellers spruiking 'SMSF's', Margin Loans, & ETF's.

ASIC your bottle of '1959 Grange' is in the post and Unions want their 'footy tickets' back.

Reply to article

For original story, Click Here.