Editor's Choice
Australian Unity lashed by ASIC over TMD questionnaire
Australian Unity Funds Management has been told to stop offering its Select Income Fund, with ASIC saying retail clients are unlikely to understand the questionnaire used to determine whether they would be in the target market.
More businesses fold, unpaid super recovery measure to launch
As the number of business insolvencies spike, workers will soon be able to claim unpaid superannuation owed to them by defunct employers.
NZ Super awards mandate to Northern Trust
NZ Super has awarded a mandate to Northern Trust to use its Data Warehouse Solutions offering.
Sequoia chief learns his fate at EGM
Sequoia chief executive Garry Crole has managed to hold onto his position after shareholders voted to keep him in the top spot at an extraordinary general meeting.
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Jason Huljich
JOINT CHIEF EXECUTIVE OFFICER
CENTURIA CAPITAL LIMITED
CENTURIA CAPITAL LIMITED
A single decision can change your life, and that's exactly what Centuria Capital joint chief executive Jason Huljich learned when he came to Australia in the 1990s. Eliza Bavin writes.
There goes the good ole FPA - chasing opportunities to make more money from "training" and "education" and, of course membership of FPA. As if this was ever a training/education issue!
How about more specifics of what these rogue planners did! Let's see what was in the files.
But whilst we are about calling out the problems lets get to the real cause: the institutions and the sales based incentive schemes that prevailed throughout the 90's and 00's. The institutional heads knew exactly what was going on. But the quest for FUM was the main game and the institutions were happy to take the risks.
And where are the architects now? Gone long ago, retired and financially secure. And what of the product manufacturers and their marketing and distribution chains? All ducking for cover, big time!!
I'm not defending inappropriate advice / not acting in the best interest of clients. Not at all!!! Never ever!! But how about some balance to the whole story!
It needs to be said that all we are / have been reading, hearing, watching is clearly politically convenient for the Opposition railing at the Government's intentions to amend flawed, impractical and unworkable FOFA legislation for the better and without watering down 'Best Interests'. The legislation of course was designed by the ALP in its drive to hand the superannuation market to the industry super funds.
How convenient for the ALP, currently reeling in the light of corrupt union practices to launch the CBA story to deflect attention away from itself.
And politicians taking the high moral ground!!! The hypocrisy of it all.
And journalists - what a great cocktail to add with politicians. Balance?? You must be kidding.
And of course the FPA has its own moral compass. Needing a voice in the political capital wouldn't have anything to do with its position would it?
Defend the un-defendable? Probably.
One thing's for sure. So glad I am not a CBA planner. Not to worry; there will be another disaster from a whistle blower at one of the other big 4. I can hear the CEO's groaning already.