Watchdogs to test industry

financial planning financial planning association financial planning industry compliance financial planning firms financial planners investments commission life insurance

18 April 2002
| By Jason |

TheAustralian Securities and Investments Commission (ASIC) and the Australian Consumers’ Association (ACA) will engage in a survey of the financial planning industry designed to test the quality of advice.

The survey will involve selected consumers approaching 150 financial planners to obtain advice and financial plans, which will then be examined by a panel of experienced planners and compliance experts.

In an effort to gather the widest possible results, the survey will cover advice available across the industry, including banks, life insurance companies, financial planning firms, stockbrokers and accountants.

The survey repeats similar exercises undertaken in 1995 and 1998.

The Financial Planning Association (FPA) has also agreed to take part in the survey and will be involved in the design of the survey itself and provide assistance throughout the assessment period.

Consumer volunteers are being recruited through the April edition ofChoice, the official magazine of the ACA. The results of the survey will be published in February 2003.

ASIC chair David Knott says the driver for the survey was the need to ensure quality advice was on offer to satisfy a growing market demand.

“With the growing importance of financial planning for Australian consumers, it is vital that we track the quality of advice provided in the marketplace”, Knott says.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

4 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

4 weeks 1 day ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

4 weeks 1 day ago

The decision whether to proceed with a $100 million settlement for members of the buyer of last resort class action against AMP has been decided in the Federal Court....

2 weeks ago

A former Brisbane financial adviser has been found guilty of 28 counts of fraud where his clients lost $5.9 million....

3 weeks 6 days ago

The Financial Advice Association Australia has addressed “pretty disturbing” instances where its financial adviser members have allegedly experienced “bullying” by produc...

3 weeks ago

TOP PERFORMING FUNDS