Editor's Choice
Insignia lost a suitor, but takeover isn't off the table: Morningstar
|Bain Capital withdrew its bid for Insignia Financial, which saw the company's share price tumble, but with CC Capital still in the mix, the takeover saga isn't over yet, according to Morningstar.
Lendlease looks at royal joint venture
|Lendlease has confirmed it is in the late stages of entering a joint venture with King Charles' property company in the UK.
Prime Super calls time on sustainable option
|Prime Super will remove the SRI Balanced option from its investments lineup, saying its performance failed to meet expectations.
SMC highlights long-term benefits of investing in private markets
|Super Members Council (SMC) has submitted a paper in response to the Australian Securities and Investments Commission's (ASIC) discussion paper, outlining how superannuation investments in the private sector can drive long-term financial system stability and prosperity for Australians.
Products
Expert Feed
The gatekeeper fallacy: A critical analysis of financial advice regulation in Australia
The current regulatory framework for financial advice in Australia rests on a fundamental misconception that threatens both consumer protection and industry ...
How family shapes our financial futures
It doesn't take our 100+ years of collective wealth management experience to know that intergenerational wealth is a hard problem.
A tale of two conflicting PBRs
What happens if a spouse survives the death of the member but dies before payment has been made?
From red tape to results? DBFO's potential
With only around 15,480 financial advisers in the country at last count, and 800 Australians retiring every day, the profession is facing a severe shortage ...
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.