All advice scaled in proposed ASIC guidanceBY MELANIE TIMBRELL | FRIDAY, 10 AUG 2012 12:25PMAll advice is considered scaled to some extent, according to ASIC's consultation paper released yesterday on key elements of the FOFA reform package. |
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Featured Profile
Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
If a client doesn't want super advice and only insurance advice that is their choice (obviously a choice that needs to be documented). Surely an adviser can only satisfy a best interest obligation in an area where they have been engaged by a client.
When we see a solicitor about conveyancing are they compelled to provide advice on wills and how to divorce our wife at the same time? Have they failed their best interest duty if they haven't?
The whole argument seems absurd and wouldn't be an issue if there weren't the intra-fund advice carve out - cosy arrangement for some...
At least we can all feel re-assured that when this is finally over our super will be totally controlled by the unions and industry funds and there will be no chance of corruption.