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Never worked at a bank, just know plenty who work/have worked within AMP and its all the same. I've got an open AFSL.
No banning the CBA hey ASIC!
It's about time this union lie about "20 year outperformance" was rebutted by the ABA. Yep, some 20 year old union default funds with unbundled advice fees beat some 20 year old bank default funds that have advice fees included. So what? Most people in bank funds these days are exercising investment choice, or no longer have advice fees included in the cost of the fund. They are easily outperforming union funds that waste members money on political advertising and perks for union officials.
Fair enough, maybe 18 months then, and I will add that the planners who had left there after a short term had very good ethics and were probably our most compliant planners,
So it was immediately reported in 2015...and in 2017 he was "promptly" banned?
"ISA chief executive David Whiteley said there was a responsibility for government to deal with the industry in an even-handed and impartial way and make policy decisions based on sound evidence."
Really David? Careful what you wish for matey! Advisers have been calling for ages for your ISA members to have to provide advice on a level playing field. But you keep yourself silent on this issue don't you?
This smacks of ambulance chasing lawyer and now Mr Hewitt is going to be hit with costs. What did Shakespeare say "kill all the lawyers!"
How is it that simply being banned from an industry he hasn't worked in since being sacked deemed sufficient punishment for a blatant criminal activity? Seems to happen all the time. Fraud is a crime and should be treated as such.
Pretty big generalisation there. I got my start there and worked there for 16 months, somehow managed to maintain my ethics despite the companies lack of ethics, and I still do long after leaving.
As in industry we have done a poor job of pulling together to self-regulate or create standards for the best to abide by. If we can't do it as an industry we have no choice but to put up with what ill informed politicians or conflicted product providers in high positions who speak loudly put in place. When will we all work together to get a result that has client best interest at heart as well as commercial common-sense for the financial planner?
I agree with anonymous yes it is the ASIC role to enforce the law and give confidence in financial markets [look under what do they do] ASIC has not found the banks break the law it is either the media or the internal investigations of honest people in honest companies.It is against the law and up to 10 jail time to falsify documents.If the ASIC really did their job they would have a number of other advisers locked up but they choose who they go after.Funny how the CBA committed fraud by manipulating client files as uncovered by Jeff Morris and the media NOT THE ASIC. so Jimmy you picked up on the caps. you must have taken notice I also agree with a royal commision
Have to laugh that these guys do the right thing by dismissing an adviser and reporting them to ASIC... Causes them bad press.
Many other businesses/firms would just sweep it under the rug and settle it quietly avoiding negativity.
And then Adele Ferguson writing another piece about how the regulator is in the bank's pocket, and calling for an RC like anonymous below...
So is ASIC's role to enforce the existing law? Do you think that charges that werent covered by the law would be allowed to stand when reasonably challenged in court? ASIC have found that all the banks have broken the law in different areas in recent years, they've fined them, placed EU's against them. How is this not doing what it's supposed to be doing? An just how is an RC going to do more than the regulator? Putting it in caps doesnt carry any more weight...
it's just one group with a non-altruistic vested interest criticising another group with a non-altruistic vested interest. Both make money out of our super. It doesn't give them credit for the ISA to pretend their stuff don't stink.
It took a long time, but the pollies have finally worked it out
If people are referring to the gentleman who had a 20 year old trauma policy. Remember this policy was written prior to guaranteed upgrade even being a thing in the market. Of course it had out of date definitions.
I previously ran a mid sized business with 40 planners and I would only hire asp or wps planners if they left within 6 months within starting there, any longer and there habits were to ingrained
So a WPS / Anne Street Partners adviser was involved in deceptive conduct? Shocking! Might be time for another re-brand / name change.
A minimum industry standard for the 4 core trauma conditions that account for 80% of claims is required.
CommInsure has been profit-taking on their existing book for a while now, with little effort at serious new business outside their bank channel. As we also know, this was exacerbated when some of their better existing business walked out the door when it was targeted by a competitor. This put pressure on their margins, which meant underinvestment in product and pressure on claims. Now it's come back to bite them.