O’Dwyer again blames bad advice for FASEA creation
The Minister for Revenue and Financial Services, Kelly O’Dwyer has reiterated that the Financial Adviser Standards and Ethics Authority (FASEA) is the product of planners having delivered persistently bad advice.
At the same time as confirming the release of the latest transition pathways guidance by FASEA, O’Dwyer repeated her assertion that planners needed to remember why FASEA had been necessary – “repeated instances of inappropriate or just plain bad advice has significantly eroded trust and confidence in the financial advice sector”.
“Every adviser has a role to play in rebuilding that trust, and these new educational requirements are a critical step towards professionalising the sector,” she said.
“Ultimately, the professionalisation of the advice sector will be in the best interests of all advisers, existing and new, because it will ensure enduring consumer trust and confidence in the financial advice sector.”
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
