The latest issue of Financial Standard now available as an e-newspaper FASEA attempting to re-write law: AFA BY ELIZABETH MCARTHUR | WEDNESDAY, 13 NOV 2019 12:15PMThe Financial Adviser Standards and Ethics Authority is using its Code of Ethics to re-write the law rather than providing genuine guidance to financial advisers, the industry association believes. Sponsored by Insight Investment
Towards a perfect currency solution |  |
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| | KANIKA SOOD A Washington H. Soul Pattinson related global equities manager has trimmed the fees on a newly-launched fund by 15bps. | KANIKA SOOD New Zealand's Milford Asset Management is launching an income-focussed, multi-asset fund to the Australian market, in its third local launch. | | | ELIZABETH MCARTHUR The Australian Federal Police have charged three people with allegedly submitting false claims to gain early access to superannuation under the new COVID-19 measures. | ELIZABETH MCARTHUR Shadforth Financial Group has achieved the international fiduciary certification following an assessment by the Centre for Fiduciary Excellence. |
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From someone with no dog in this race, I couldn't help notice another conflict of interest: adviser organisations shooting from the hip at the Code of Ethics in a desperate attempt to stay relevant. Of course, they suffer zero consequences from getting their criticisms wrong?unlike their misled, confused members who have to sit the exam. Remuneration under the Code is really not unclear. Read Standard 7 and the Royal Commission report: the Part 7.7A Div 4 ban on *adviser* Conflicted remuneration is preserved. Exceptions under the Act are exceptions under the Code. The Code however also prohibits the payments Commissioner Hayne had concern about, for recommending ones own products and recommending action when none was appropriate. All FASEA's latest Guidance does is explain how certain specific cases will be dealt with. Unfortunately the more guidance FASEA produces the more some parties with no interest in understanding it will try to hang FASEA with it.