Advisely Partner
Advisely PartnerThe recent action by ASIC against Equity Trustees and media suggestions of negotiations with Macquarie around client remediation paint a picture that others will be forced to contribute to the cost of Shield and First Guardian. That is a good thing, however we need to know how these collapses were even possible and what needs to change to avoid the risk of it happening in the future.
The regulators ask a lot of licensed MIS's and funds. Where is their responsibility? Financial advisers will fork out - by my estimates, for $21 mill this year through adviser levies (I am happy to be corrected) when they have absolutely no financial interests in these failed entities. Regulators! Regulate. AFCA complaints shows financial adviser complaints at a low % of total complaints and high level of positive resolution but we carry this burden for product/service failures we don't cause. My opinion only.
