Better use of client information essential to adviser successBY LAURA MILLAN | THURSDAY, 31 JUL 2014 12:30PMFinancial advisers have more information about their clients than almost any other industry and they should be using it to improve their service, netwealth executive director Matt Heine said. Related News |
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This is completely absurd, the Corporations Act has been there for a long time and clearly states the obligations a financial adviser has to their clients and the procedures when recommending or switching products. Unauthorized transactions, switching into high risk products, misleading deceptive conduct and other fraudulent criminal activities can only happen when the procedures of the Corporations Act is not adhered to.
So the question remains, how do immoral and illegal conduct and known by the adviser at the time as dishonest conduct in relation to ordinary people occur?
Are we not missing the point here? People didn't lose money because the adviser didn't know their clients well enough......they knew very well that their clients were naive and trusting and used that to their financial advantage. The Corporations Act is already there, if the rules and laws were adhered to perhaps the financial damage to clients would have been substantially less. So who oversees these laws are being adhered to, and who enforces the Corporations Act and the laws?