ASIC confirms 2009/10 shadow shop
The Australian Securities and Investments Commission (ASIC) has announced it will conduct another shadow shopping exercise next financial year.
The deputy chairman of ASIC, Jeremy Cooper, told the Superannuation Professionals' Association of Australia national conference in Adelaide that while it was too early to define the parameters of the shadow shop, it would include the financial advice given to self-managed superannuation fund members and trustees and the connection between advice given to investment in market-linked products and commissions.
Cooper said the current trend towards investing in cash puts pressure on advisers to make sure they are giving correct advice.
“There is a very real tension between what the client wants to do, rightly or wrongly, in this market and the adviser remuneration model,” he said.
Cooper said advisers must be careful to consider their own risk management regarding advice during the downturn.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
