CSLR warns adviser levy will balloonBY KARREN VERGARA | FRIDAY, 25 OCT 2024 12:42PMThe CSLR warned the advice sector should brace for an even bigger levy in the 2026 financial year. Related News |
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Featured Profile
Jelena Stevanovic
CHIEF EXECUTIVE OFFICER
PLATYPUS ASSET MANAGEMENT HOLDINGS PTY LTD
PLATYPUS ASSET MANAGEMENT HOLDINGS PTY LTD
As the new chief executive of Platypus Asset Management, Jelena Stevanovic hopes to continue the fund manager's long tradition of outperformance with patience and by fostering meaningful relationships with clients and staff. Karren Vergara writes.
I have been warning advisers for 2 years that AFCA and ASIC will treat advisers like a piggy bank to cover for failures if oversight. The FAAA have been asleep at the wheel when this should have been fought with only the AIOFP taking the matter on. If Anderson and Abood had worried more about their constituents rather than jockeying for positions we may have fought this with some success. As it stands the good advisers in the industry will pay an exorbitant cost incurred by an AFCA with no oversight when advisers recommending the failed fund ands the fund itself have been allowed to move to another of the parent licences with no oversight.
ASIC are hugely accountable at all levels for this disaster and simply drive good advisers into the ground to cover their own incompetence.
Wouldn't mind seeing E&P kick the tin given they've snaffled a few advisers and a stack of FUM from the ashes... They've directly benefitted financially yet face a proportionately smaller burden.