AFA insists Choice withdraw its slur on advisers
The Association of Financial Advisers (AFA) chief executive, Phil Kewin has said he will be demanding that consumer group Choice withdraws an assertion that financial advisers can rarely be trusted to act in a client’s best interests in dealing with people seeking early access to superannuation.
Kewin has been angered by a statement by Choice Policy and Campaigns Adviser Patrick Veyret that “it will only be in vary rare circumstances that a financial adviser recommending early access of superannuation is doing so in your best interests”.
The AFA chief executive said he regarded the statement as both unfair and unjustified and highly unhelpful at a time when financial advisers were doing their best to help people navigate the complex issues generated by COVID-19 and the Government’s response.
“I will be asking him to withdraw the statement. It is unhelpful and irresponsible,” Kewin said.
The AFA chief executive said the Choice statement was unfortunate because the AFA was broadly supportive of the argument being put by consumer groups that early access to superannuation should only be sought as a last resort.
Recommended for you
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
As AFSLs endeavour to meet their breach reporting obligations, a legal expert has emphasised why robust documentation will prove fruitful, particularly in the face of potential regulatory investigations.
