Adviser starts campaign to seek apology from Lambie
A Perth based financial planner has begun a campaign to seek an apology from independent senator Jackie Lambie after she labelled financial advisers as ‘unscrupulous'.
Charles Alexander Financial Services principal Alex Vagliviello said Lambie's remarks during and after the recent Senate debate on the disallowance of the amendments to the Future of Financial Advice were a ‘throw away remark' and he is asking her to apologise for the comments.
"I have been involved in the Financial Services industry since 1986 and have lived through its' highs and lows. However, in all that time I was never accused of being ‘unscrupulous' until Senator Lambie decided to take a cheap shot," Vagliviello said.
He said he would ask Lambie to apologize to every financial adviser in Australia and for the basis of facts for making the comment in the first place and wanted to "draw attention to her misguided and biased opinion and, hopefully change the opinion of most intelligent people in the Australia marketplace".
Vagliviello said he had made contact with Lambie's office with his request and had also asked the office of the Minister for Finance Mathias Cormann to forward his request but had yet to receive a response.
In the event that he will be able to speak with Lambie, Vagliviello said he would discuss the highly regulated nature of financial advice as it appeared Lambie was unaware of what was required to provide financial planning advice.
"This was a throwaway comment and she can go home at the end of the day knowing she achieved her plans to disrupt the Palmer United Party and Government. However this is not a tin pot industry and the cross bench vote will affect the livelihood of thousands of people," he said.
"Lambie's comments about unscrupulous advice would be okay if it were the norm but it these type of events make up less than 1 per cent of advice. Most planners just want to get on with their jobs but on her own she made a decision that affects thousands of people and practices across the country."
Vagliviello, who is being supported by his licensee, Synchron, said he would be printing and wearing a t-shirt with the words ‘Unscrupulous Financial Adviser' as a means of raising discussions with his clients and members of his community.
AUTHOR
Jason Spits
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.
