ASIC clarifies IFA definitions, extends SoA deadlineBY JAMIE WILLIAMSON | TUESDAY, 27 JUN 2017 12:01PMASIC has stated its position on the use of restricted terms relating to the independence of financial advisers. Related News |
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Brian Parker
CHIEF ECONOMIST
AUSTRALIAN RETIREMENT TRUST
AUSTRALIAN RETIREMENT TRUST
To Brian Parker, the best investment ideas are the ones that make common sense. As chief economist of Australian Retirement Trust, Parker combines his analytical prowess and interpersonal skills to better member education and outcomes. Chloe Walker writes.
Seriously? So if I own my business and I'm not owned by a financial service product provider nor am I owned by a vertically integrated business but I receive commissions, then I am in breach of the Act.
Please can someone explain in plain english how the receipt of a commission then makes my business aligned and or not independently owned.
All this info is in our FSG. How is it misleading?
ASIC want a clear definition of what independent means. Try this: If you receive revenues other than client fees you are conflicted or could be seen as conflicted.
Why don't you just rebate any commissions you receive to the client? Many advisers are doing this now.
It's amazing, isn't it. If you are not institutionally owned you cannot say you are not institutionally owned because section 923A says you cannot use the words "independent, impartial or unbiased".
Does it follow that "institutionally owned" means you are dependent, partial and biased? I think it must.
I am staying out of it other than to advise all advisers to not poke the bear in the eye and to not use any potentially offensive words. There are plenty of other words to use, and life is too short to quibble.