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ASIC cancels AFSL of Australian Fiduciaries
|ASIC has cancelled the Australian financial services licence (AFSL) of Queensland-based Australian Fiduciaries, which is currently in liquidation.
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|NGS Super has appointed the former ASFA chair as head of strategy, as the fund aims to strengthen its retirement offering.
SS&C axes jobs, shifts roles offshore
|US software services giant SS&C Technologies has slashed 170 Australian roles in the operations, technology and delivery teams.
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Featured Profile
Blake Briggs
CHIEF EXECUTIVE OFFICER
FINANCIAL SERVICES COUNCIL
FINANCIAL SERVICES COUNCIL
Since becoming chief executive, Blake Briggs has renewed the Financial Services Council's influence, expanded the membership base, and strengthened its policy and advocacy credentials. Karren Vergara writes.
So here we are with advisers across Australia who are Authorised Representatives of FSC member AFSL's and whom a vast majority of them would have large advice practices based around grandfathered trail commissions built on years of providing valuable advice to their clients and the ISN are placing half-page and full page advertisements in the major newspapers across the country spouting that they have " never charged sales commissions-ever", to infer that the receiving of commissions for the provision of quality financial advice is abhorrent.
So Mr. David Whitely then refers to terms such as "sector neutral", "even handed" and "stability" at the same time as the ISN is openly and unashamedly through the media creating division and instability in a bid for market share and possibly a performance bonus based on Industry Super Fund member number increases.
I am sure those advisers would be over the moon with the FSC and the ISN getting into bed together !!
It would be like Kevin Rudd and Julia Gillard hopping into the sack........they are mean't to be on the same team, but it would be strongly recommended to sleep with one eye open!
It will be a positive move if the FSC and ISN can work together to move superannuation above politics. Unfortunately over the years much of the politicisation of superannuation has come from vested interests that have an ideological abhorrence of retail super funds.
Unfortunately Industry funds gained an unfair advantage at the outset with favourable treatment from the IRC. They denigrated advisers with impunity and falsely accused advisers of placing their interests above that of the client. The game is all about control of capital. Members interests will be secondary now and in the future.
Leopards do not change their spots.