If someone advises you of returns that are well in excess of the market norm, you need to be aware. If it sounds too good to be true? Greed is a motivational tool for all crooks. Didn't anyone of her clients ever check the existence of their investment? No amount of regulation etc will stop this kind of activity, long jail sentences might deter some, but not all. Law is too lenient on these types of crimes.

There is a lot more to this story I feel. I think it is appalling journalism to report such nonsense based on innuendo. Maybe look into this story a bit more before reporting this. I know the individual well, and none of this occured.

I agree with your point re the ANZ infestation at IOOF, but in this case 17 of 18 years of bad deeds were at the NAB owned Meritum, not Consultum.

That is actually another Breach. The Corporations Amendment (Professional Standards of Financial Advisers) Bill 2016 restricted the use of the term "Financial Planner " from 1 January 2019. ASIC are you listening??

Yes. And fair enough too.

Not the dumbest idea I have heard in a long time.

"For the small number of complaints which may be outside AFCA’s rules, AFCA will be encouraging the financial firms involved to consent to AFCA considering the complaint to achieve an early resolution and avoid the prospect of potential court or other action by the complainant," the authority said.

Are they serious. They want firms to agree to let AFCA settle a dispute (which would likely go against the FP firm) that is not within their remit just so their number look better.

Indeed !

The best one I saw was where AFCA determined fees were not adequately disclosed despite the client having 3 days to review the SOA, signed SOA, and signed where fees were also disclosed in applications. Last time I checked a signed document was legally binding.. so why does AFCA not recognise this?

What was the outcome of the NAB underpayment issue? Is it even resolved yet?

A Level playing field of Advice from ASIC who support anything and everything for Industry Super.
TELL HIM HE'S DREAMING !!!!!!!!!!!!!!!!

FARSEA will now suggest that the general public need to all do an ethics exam for $600 each.

Absolutely spot on!! As a CPA accountant I constantly seek rulings from the ATO. Yes and Yes, this will improve advice, especially scaled advise!!!! I'm emailing this to my local member right now - Mr Scott Morrison! Well done TAA!!! This will definitely improve the technical competency, professionalism and regulatory compliance! We should organise a petition and have this submitted to parliament( my political past has resurfaced).

It's worse than that Patrick. The compliance regime makes it too complicated and expensive to deal with honest participants. It actually pushes consumers towards the crooks.

they are not a regulator. The a complaints authority. trust me, you have a much better chance dealing with the regulator (ASIC) than AFCA, because AFCA are not accountable to anyone essentially.

Who would have thought. The consumer biased regulator would be breaking the laws against advisers and AFSLs. AFCA nothing short of a joke bound by no laws and full of failed lawyers.

At last. A body who gets it.

Couldn't believe the SMSF CEO's opinion on scaled advice, believing licensee policies endeavoured to stop client complaints and produce revenue - dah. Seems like a sensible thing to do.

Lets hope the powers that be value the TAA more than the SMSF dude.

Thank you TAA. I agree with all points you have made and support your submission.

Makes sense can I join TAA or do I have to be an AMP adviser?

Another reason why I quit the FPA who are useless.

Why is it, I wonder, that I have to do so many Ethical exams and courses when the regulators cannot even act within their own laws?