This year’s most infamous
The Australian Securitiesand Investments Commission’s (ASIC) Sharmon Grant became the most vilified individual in financial services after her ill-timed and ill-informed remarks during a presentation to certified practising accountants at the CPA Australia Conference in August.
Stating that she didn’t have a financial planner “because I just don’t trust them”, Grant’s words produced an avalanche of angry letters to Money Management following its exclusive report.
Advisers wrote that Grant’s words were “inappropriate”, showed a “total lack of objectivity”, and were even “part of a secret agenda”.
Financial Services Senator Nick Sherry also made his views known, saying the comments were “an unfortunate generalisation”.
To make matters worse, Grant had also described trail commissions as a “joke”, adding further fuel to the current debate on commissions versus fee-for-service.
Kerrie Kelly, chief executive of the Financial Planning Association (FPA), requested an investigation by the regulator, saying she had been “taken aback” by the comments, which had “slurred the integrity of all advisers”.
Kelly added at the time: “Such action is inappropriate by a senior ASIC officer, and illustrates both a total lack of objectivity and a bias against those whom she is employed to supervise.”
While the FPA and ASIC have since met to discuss the matter, Grant appears to have gone into hiding, with her scheduled presentation at the annual FPA convention in Queensland removed from the program.
Recommended for you
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
