The latest issue of Financial Standard now available as an e-newspaper | | KANIKA SOOD | 12:42PM The industry fund will close its basic cash option on August 13, as it sees returns dry up. | JAMIE WILLIAMSON | 12:32PM The head of Asia Pacific for the Canada Pension Plan Investment Board has been promoted, with a replacement yet to be confirmed. | | | KARREN VERGARA | 12:13PM A former BT Financial Group executive will take the reins of Centrepoint Alliance from today. | ELIZABETH MCARTHUR | 12:09PM Robo adviser Six Park has lowered its minimum investment to just $2000, down from the $10,000 minimum it had at the start of 2020. |
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The super industry has been up in arms to ASIC about this for years yet ASIC has been the main culprit, insisting that PDSs contain more and more information - 99% meaningless to ordinary superannuation members.
So why have advisers for years had to give out what is now recognised as meaningless information? Just a waste of time. Compliant advice has never been the equivalent of good advice. ASIC has never understood this. No wonder people try to DIY their super, insurances and investments. No wonder people don't like paying for "advice" when there's so much meaningless information involved. When will we be allowed to get back to basics???
ASIC you are the one who wants the disclosure. You started this war. Don't complain that it doesn't work. Of course no one reads the PDS. You didn't need to conduct market research to discover that.