Government to lift advice standards by lawBY LAURA MILLAN | TUESDAY, 20 OCT 2015 11:30AMThe government is determined to raise the professional standards of financial advisers, and it will do it by passing new legislation, it said in its response to the Financial System Inquiry. Related News |
Editor's Choice
Legalsuper hunts for CIO
Legalsuper is looking for a new investment chief following the resignation of Paul Murray, who departed the industry fund just nine months into the job.
Why more women aren't in financial services
While financial services firms are looking for more women to fill roles, they aren't willing to make a simple change to entice them into those positions.
ASIC names new chief executive
The Australian Securities and Investments Commission (ASIC) has named a chief executive, following Warren Day's abrupt exit in June last year.
APG to invest exclusively for ABP
APG, the Netherlands' largest pension asset manager, will exclusively manage investments for ABP, the country's largest pension fund, starting around 2030.
Products
Expert Feed
'Chameleon ETFs': Still groundbreaking and here to stay?
It was coined as a 'gamechanger' - an ETF that can be bought and sold on the ASX or Cboe Australia but that can also be applied for, and redeemed, directly ...
Tailored or off-the-shelf: What's right for your practice?
In the ever-evolving landscape of wealth management, financial advisers and investment professionals are faced with a multitude of choices when it comes ...
Five principles for successful family office investing
At the time of writing, Australian public companies were at the end of another round of reporting their half-yearly financial results. For investors and ...
Mistaking financial literacy for retirement literacy
Many are unclear about how to transition from working life to retirement, particularly regarding their retirement savings and the options available to ...
Featured Profile
Kellie Wood
HEAD OF FIXED INCOME
SCHRODER INVESTMENT MANAGEMENT AUSTRALIA LIMITED
SCHRODER INVESTMENT MANAGEMENT AUSTRALIA LIMITED
Schroders Australia's Kellie Wood talks about winning a lot, so much so that it's become a well-intentioned joke with her co-workers - but it's this ambitious attitude that spurs her on every day. Eliza Bavin writes.
While Financial advisers are getting more compliant and regulated, it is a great opportunity for the government and relevant regulatory body to look at the real estate and credit advisers.
Due to lack of regulations, the amount of commissions and remuneration that mortgage brokers, real estate agents, private credit company's are enjoying has been unnoticed or merely neglected.
The worst is private credit company where they lend money to people to manage their debt or buy white goods, for an unimaginable interest rates. There is no clients best interest duty in this by putting clients into further deep debt and stamping with bad credit history. Why is this? Has the government taken any initiative towards this... and please tell us what is it...?
At the clients best interest, even these people make a big difference in building debt in the clients financial future.
So I would like to urge everyone to look into this space of the financial sector, just not speculate but take initiative to build a regulatory body for this part of financial services industry.