AMP advisers low priority for ASICBY ELIZABETH MCARTHUR | WEDNESDAY, 15 JUL 2020 12:17PMSenator Deborah O'Neil has revealed she was told by ASIC that AMP's Buyer of Last Resort (BOLR) agreements being altered and subsequently, slashing the value of advice businesses, was not a priority for the regulator. Related News |
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John Burke
GLOBAL CHIEF EXECUTIVE OFFICER
BENNELONG FUNDS MANAGEMENT LTD
BENNELONG FUNDS MANAGEMENT LTD
Bennelong Funds Management is like a mainline into the jugular of Australia's financial advice sector, with more than 6500 advisers channelling capital to its funds. But its global chief executive John Burke says the job's not done yet. Andrew McKean writes.
ASIC are more concerned with things like "culture" and "climate change" rather the bully boy tactics of a rogue organisation. Obviously not sexy enough.
IT SEEMS TO ME THAT THE COMPANIES CAN DO NO WRONG.tHIS WHOLE THING HAS BEEN A SET UP FROM THE START TO REGAIN THE GROUND LOST WHEN LISENSING WAS ESTABLISHED.
Imagine the shock they got when sudenly they found themselves paying commission on every case any one still in the business had ever written for them, when they used to just dismiss us if we did give them the amount of business they thought was enough. AMP was the worst closed shop imaginable. They had keys to agents locked offices. I know one case where the manager of the group entered an agent's locked office, found evidence that he was looking at other companies and when he got back to the office ALL his belongings were out on the front entrance. ASIC was a tired little bunch of public servants then. What is it now?