FPA supports ASIC independence definitionBY KARREN VERGARA | FRIDAY, 30 JUN 2017 12:47PMThe Financial Planning Association of Australia is voicing its support for ASIC's definitions on independent financial advice. Related News |
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Matt Gaden
HEAD OF AUSTRALIA
JANUS HENDERSON INVESTORS (AUSTRALIA) LIMITED
JANUS HENDERSON INVESTORS (AUSTRALIA) LIMITED
Helping investors traverse financial markets and build their wealth during the peaks and troughs is Janus Henderson Investors head of Australia Matt Gaden's game plan. He tells Karren Vergara why in this long game of investing, active management wins.
No matter what ASIC would like the terms to mean, "non-aligned" and "non-institutionally owned" are statements of fact, not subject to interpretation. Worse still, ASIC has suggested that they will police the use of "similar terms". So, where's the line? Is "privately owned" off limits too?
I would love to see a prosecution of use of the terms survive a legal challenge.
By all means, anyone with a vested interest in a transaction should have to declare such, but there are more than two licensee models in the marketplace. Lumping all other than those with a pure fee-only offer into the same category as internal bank run houses does not serve the interests of the consumer. It DOES, interestingly, suit the big institutions quite nicely. Coincidence?