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 |
Editor's Choice
Brighter Super launches lifetime income product in accumulation phase
The $38 billion super fund has teamed up with TAL to offer members a lifetime income product while still in the accumulation phase.
FinCap beefs up treasury capabilities
FinCap has welcomed a new member to help scale the firm's private markets managed accounts offering.
smartMonday tweaks fees, MySuper structure
The super fund is transforming its MySuper LifeCycle structure by shrinking nine options into four distinct categories, while making changes to its investment and administration fees
Former Berndale director jailed for $700k in misused funds
Former Berndale Capital Securities director Stavro D'Amore has been sentenced to almost four years' imprisonment after admitting to dishonestly misusing nearly $700,000 of company funds and authorising false statements to ASIC.
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
Hugh Killen
MANAGING DIRECTOR AND CHIEF EXECUTIVE OFFICER
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
AUSTRALIAN AGRICULTURAL COMPANY LIMITED
For Hugh Killen, several life lessons came from spending time on pastoral properties stretching across northern New South Wales and South-West Queensland.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
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.