Advisers query ASIC role in academics' FASEA submission
Financial advisers are querying whether two Griffith University academics received some form of commercial backing from the Australian Securities and Investments Commission (ASIC) to produce a 2018 submission to the Financial Adviser Standards and Ethics Authority (FASEA) on the financial adviser code of ethics.
The advisers are pointing to information on the Griffith University website which states that one of the authors of the submission, Dr Hugh Breakey together with the other author, Profession Charles Sampford had a “consultancy/commercial research” relationship with ASIC pertaining to submissions to FASEA (June/ASIC).
Also, under the heading of “consultancy/commercial research” the Griffith University website lists FASEA Submission (August) Financial Adviser Standards and Ethics Authority.
The advisers have raised the query after FASEA finally published submissions received from the 2018 consultation process in which Breakey and Sampford argued for the inclusion of a standalone Standard strictly prohibiting conflicts of interest, stating such a measure was critical for several reasons.
Their submission argued that the “removal of any and all conflicts of interests helps demonstrate and communicate the profession’s ethics to the wider public. It is a tangible reform that is visible to and understandable by the wider public, and will assist in rebuilding trust in financial services”.
The Griffith University website revealed that Breakey had received grants from a range of organisations, including the Australian Bankers’ Association (ABA) and the Australian Research Council.
Money Management has sought comment and clarification from Dr Breakey about the status of the submissions filed in relation to the code of ethics consultation.
Recommended for you
Far too few wealth managers are capitalising on the opportunity presented by disruptive technology to deliver personalised investment solutions to the mass affluent demographic, according to PwC.
With over half of advisers using managed accounts, HUB24’s head of managed portfolios has unpacked the benefits driving their usage and how they can be leveraged by advice practices.
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
ASX-listed platforms HUB24, Netwealth, and Praemium have used their AGMs to detail how they are using artificial intelligence to improve their processes and the innovative opportunities it presents.
