MLC backs end to product flogging
Money flowing between product manufacturers and financial advisers has to stop if the financial planning industry wants to counter allegations that financial planners are a sales force, according to the chief executive of MLC, Steve Tucker.
Reacting to the recommendations of the Parliamentary Joint Committee on Corporations and Financial Services (PJC), Tucker said financial planners had the capacity to create a more trusted and transparent advice environment, but that the industry had to move to a system where clients paid their adviser for advice and then paid administration and investment fees to product manufacturers.
He said there had been a lot of speculation about what the PJC would recommend, but what the committee had ultimately delivered was a sensible range of recommendations for the Government to consider — all of which would have a positive effect on the future of the advice industry.
AUTHOR
Mike Taylor
Recommended for you
A former Northern Territory financial adviser has received a seven-year ban from ASIC, having been convicted of supplying dangerous drugs and receiving or possessing the proceeds of their sale.
Both Bain Capital and CC Capital have made revised bids for Insignia Financial after completing a period of due diligence.
The advice industry has reached triple-digit gains for the calendar year to date, with two licensees seeing gains of five during the week.
Targeting market leadership in digital advice, Bravura’s digital solutions are now available to over 6 million superannuation fund members.
