FS Advice: Medcraft's appalling speechBY LAURA MILLAN | FRIDAY, 12 DEC 2014 12:20PMFollowing the release of the FSI report, the FS Advice blog questions whether ASIC can be impartial and strong enough to do the job the FSI wants it to do, a job that just got harder after the regulator lambasted its entire industry sector. Related News |
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This is exactly where the financial advising industry has to grow up and become a profession. Not being able to take criticism from the regulator is a bit rich - what other organisation is supposed to shine a light on flaws if not the regulator? Okay, his words were a bit strong, but for many years ASIC was too soft and wouldn't publicly say anything. How many class actions are going to happen before the advice industry as a whole plucks out the bad and incompetent apples? While the industry doesn't do its part, Medcraft has to jump up and down - sometimes I feel like jumping up and down too with the lack of action on this issue. So if he praises the industry at any stage (for any future progress they make on this issue), will he also be accused of being biased?
Note that my comments are based on the item above, not on the FS advice newsletter.