Treasury releases Quality of Advice Review final reportBY CASSANDRA BALDINI, JAMIE WILLIAMSON | WEDNESDAY, 8 FEB 2023 9:11AMTrue to her word, Quality of Advice Review chair Michelle Levy's final report contains few surprises, however her recommendations include the introduction of both a Good Advice Duty and a Statutory Best Interests Duty. Related News |
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Daniel Farmer
CHIEF INVESTMENT OFFICER
MLC ASSET MANAGEMENT PTY LIMITED
MLC ASSET MANAGEMENT PTY LIMITED
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Basically, reads that the current laws and FASEA standards apply to Qualified advisors who give personal advice. Industry and large retail Superannuation funds trustees are able to employ non-qualified persons to give personal advice and not be held to by FASEA standards or best interest duty. So, the Government of the day paid large sum of money to an organisation to write a report to ignore the recommendations of a royal commission.
Whilst the Govt is on the job of reinstating the ability for sales staff employed by the banks and super funds to provide conflicted product sales advice with qualifications from the back of a Weeties packet, could they at least do the honourable thing and also refund to me the thousands of dollars of costs (including professional time costs) they have charged me over the last 5 years to: Complete and pass the FASEA financial adviser exam, maintain my existing CPD & related qualifications, not to mention the exorbitant ASIC levy and Tax Practitioner Board (TPB) registration fees that as a small business / sole practitioner I have been forced to pay (both being fees paid to the Govt for no service). Thanks.