The latest issue of Financial Standard now available as an e-newspaper Dealer groups slam FPA policy BY ELIZABETH MCARTHUR | THURSDAY, 4 JUN 2020 12:38PMFortnum, Centrepoint, Easton Wealth, CountPlus, Fitzpatricks and Paragem have all criticised the Financial Planning Association of Australia's latest policy proposal. Read more: FPA, AFSL, Centrepoint, CountPlus, Easton Wealth, Fitzpatricks, Fortnum, Paragem, Financial Planning Association of Australia, Angus Benbow, ASIC Financial Adviser Register, Grahame Evans, Matt Fogarty, Matthew Rowe, Nathan Jacobsen, Neil Younger |
| | KANIKA SOOD David Orford's Optimum Pensions has signed a five-year exclusive agreement with Generation Life to bring its retirement income product to the market. | KARREN VERGARA The poor quality of group insurance data is conducive to administrative blunders that are notoriously difficult to rectify, according to Rice Warner. | | | ANNABELLE DICKSON As new investors turned to exchange-traded funds (ETFs) to cash in on the market volatility and consequent recovery in 2020, the industry reaped the benefits breaking several records, new research shows. | KANIKA SOOD HUB24 picked up $1.7 billion net inflows, 24 new licensee agreements and 113 advisers in the December quarter. |
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The licensee statement is right in that costs of compliance are not discretionary. However, duplicate liability (licensees and advisers) is.
Lawyers and accountants have been able to manage the genuine difficulties mentioned by the licensees by using the partnership model combined with service companies. That could work for advisers as well.
AFSLs are the one's responsible for poor advice outcomes. Anyone who has been around long enough knows they were the reasons we had FOFA in the first place. To say they facilitate compliant advice is a joke. They have been leaching off the industry for years and advisers can no longer afford these parasites