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Relaxed superannuation preservation rules will sink returns: Frontier
A Frontier report, commissioned by the Super Members Council, has argued that current preservation rules provide super funds with the flexibility to invest in unlisted assets, and warned that permanently relaxing these rules will decrease long-term returns for members.
Former adviser accused of theft loses lengthy extradition fight
A former financial adviser now residing in New Zealand lost a bid to stop her from being extradited to Australia to face 136 charges related to the alleged theft of clients' retirement savings.
Bangarra Group awards real estate mandate
Family office Bangarra Group has appointed a real estate fund manager to help it build more than 3000 homes in the UK, of which one third will be dedicated to affordable housing.
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GPT Group has formed a new Australian logistics joint venture with QuadReal Property Group to target $1 billion in logistics assets on the east coast.
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Featured Profile
Philip Miall
HEAD OF MULTI-SECTOR PRIVATE DEBT
QIC LIMITED
QIC LIMITED
QIC head of private debt Australia Phil Miall's nearly 30 years' experience covers every corner of the credit market. He shares why active management is critical in the asset class and what he's learned during periods of tumult. Karren Vergara writes.
So, this Government is about to wind the clock back 25 years? The SOA requirements in the original Chapter 7 of the Corporations Act, which was legislated in 2000 with a two year transition, were drafted with a copy of the insurance CAR in mind.
How do I know? I applied for a Financial Services Licence under the new Chapter 7 back in 2002. I was familiar with the old CAR. I was pleasantly surprised to find some common sense in the new SOA rquirements.
Since then I have been increasingly gobsmacked and flabbergasted by the changes to SOA requirements - changes brought in by Governments, lawyers and public servants with no idea of what is really required in the process of providing advise.
Other areas of Chapter 7 have become as messy as the SOA requirements now are, because of the same lack of understanding.
And the outcome? Decimation of financial advice services and an underadvised population in Australia.
What next???
Well, I for one gave up financial advice a couple of years ago. And I'm not regretting it for one minute.
I rarely comment on issues however I must agree with the other comment here. It's more than 25 years of winding back the clock! In fact, I remember the CARs in the early 1990s.
How ironic we are right back where we started! And we will soon have a new form of adviser that can run amok and if it goes wrong rely on the "It was only General information/ Advice? provided" excuse! What was the point of all the study and gaining of qualifications?
Won't be long and every Industry Fund will be able to give advice over the phone with so called "qualified advisers" who have done no study and received a crash course on how to keep the business with THEIR FUND, regardless of better options.