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 |
Editor's Choice
Mulino brings New Class of Advisers to life, guarantees fairer CSLR funding
Assistant treasurer Daniel Mulino will forge ahead with the New Class of Advisers (NCAs) as part of highly anticipated Delivering Better Financial Outcomes (DBFO) reforms and laid out a blueprint of how the Compensation Scheme of Last Resort (CSLR) will be fairer for financial advisers.
Munro Partners to acquire GSFM
Munro Partners will acquire GSFM, the Australian investment fund management affiliate of CI Global Asset Management, in a deal designed to strengthen its local distribution capabilities.
Treasury consults on foreign investment framework reforms
Treasury has opened a consultation to review existing conditions required for foreign investment approvals in Australia.
Australians struggle to navigate super and age pension divide
Australians are approaching retirement with growing uncertainty about how superannuation and the Age Pension will work together, with new research pointing to gaps in both preparedness and confidence.
Videos
Brought to you by ![]()
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Andrew Gregory
CHIEF ADVICE OFFICER
UNISUPER
UNISUPER
After 25 years, Andrew Gregory remains motivated by the impact financial advice can have on Australians' lives. As UniSuper's chief advice officer, he is not slowing down on any of his current ambitions. Matthew Wai writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
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?