Financial Standard Comments - New PJC inquiry will "close the loop" on consumer protection A new parliamentary inquiry to lift professional, ethical and education standards in the financial services industry will help close the loop on the consumer protection mechanism, Financial Planning Association chief executive Mark Rantall has said. https://www.financialstandard.com.au/feed/latest?story=42153043 Wed, 30 Jul 2014 15:13:10 +1000 Wed, 30 Jul 2014 15:13:10 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by PETER WALLACE (NO COMPANY)

Excellent stuff. The FPA is going to teach their people it is not ok to make unauthorized transactions on clients accounts, they must not forge people's signatures, they must not lie to their clients. I kinda thought by following their license obligations that product disclosure statements and additional SOA and a 10 day notification to the client that switches are made would prevent illegal and immoral activities.

Well it goes to show the Corporations Act and the people who enforce those Acts and the requirements of holding such a license clearly have no merit. Clearly we all know who are the losers out of all this: those poor people who thought they would do the right thing with their money and go and see a product flogger rather than a financial planner.

Come on FPA, don't treat us as fools any further. These adviser's knew exactly what they were doing.

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]]> PETER WALLACE (NO COMPANY) Wed, 30 Jul 2014 15:13:10 +1000