Govt told — look to independents, not banks
Independent risk-focused dealer group, Synchron, has urged the newly re-elected Turnbull Government to look to independent financial services entities rather than the banks in seeking to set financial services policy, including the Life Insurance Framework (LIF).
Welcoming the return of "stable Government" resulting from the Coalition election win, Synchron director, Don Trapnell, claimed Synchron was the largest non-institutionally-owned dealer group and therefore had the greatest reach in communicating with "financial advisers whose views are not tainted by corporate influences, product providers or the banking sector".
"With over 400 advisers now, Synchron represents a great source of truth for the Government on the issues that matter in the financial services industry of Australia," he said.
Among those issues was the LIF, with Trapnell claiming it was now time to look at the framework "in the cold light of day and see how it will be implemented".
"The basic thrust of LIF is there but there are certain areas we need to refine," he said.
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.
