What a relief. Now to do the bridging Ethics subject.

If you're going to tie your members investment funds up in assets that are illiquid so you can invent your returns, then dont cry poor when an event happens that blows up your investment strategy and forces you to bring some of your assets to market. And certainly dont expect taxpayers to bail you out unless that is a blanket liquidity handout to all super funds including retail and SMSFs. Might want to declare your vested interest next time too.

Remote exam bookings? How will that work when its closed book? Whose going to monitor if the candidate has a glass of water on their table during the exam?

The pass percentages are slowly coming down.

82% of candidates passed. That is nothing to be crowing about Mr Glenfield, It should be 98%
I hope the FASEA directors have read the feedback from the candidates recently and what the authority is doing to Advisers lives?

You're very polite Policy Pete!

how long did it take Madison to report/detect the problem and how long did it take ASIC to act?

He had a lavish lifestyle too but this was not mentioned at sentencing. Expensive holidays and an expensive car. Grub is a bit generous as a description in my opinion.

John Edwards you are literally parroting the words of Tim Wilson MP (Born to rule).

Mayfair Platinum was a ponzi scheme. Read their FSG. Read their product. They offered a paltry return for high risk.

Tell me what are industry funds going to buy if they can only buy listed securities? Are they just going to buy Vanguard and State Street ETF's and put a wrapper on it. They are managed investment schemes and they knew how much people needed to redeem, how much people required in pension payments, etc.

If you force them to only deal in the universe of listed secondary market securities, then they can only buy what is on the markets. This means no toll roads, cant build hospitals, cant build office blocks, etc, can't build infrastructure, can't build housing.

They invest for 10-20-30 years and build a model that has this long term capital investment, they price it using independent valuations, and then govt comes along and says everyone can take 20k from their funds.

It's like kicking someone in the shins and then saying, why aren't you wearing shinpads.

Mayfair Platinum on the other hand offered this as an investment with a fixed term that at the end of the fixed term, cannot redeem because no one wants to buy their stuff. it was "term deposit" like only because they said that you may get a fixed return.

Known Phil for many years. IOOF's loss is Counts gain.

Pushing out changes to fee opt in requirements makes perfect sense given current circumstances.

I also thoroughly agree regarding streamlining fee disclosure requirements. There is too much doubling up between Fee Disclosure Statements, Opt in notices, ongoing service arragements and product consent forms and it just creates confusion for the clients.

Good to see the AIOFP standing up for FInancial Advisers and the good work and value they provide in times like this.

ASIC will gladly jump on an Adviser if an FDS or Opt-In is a few days late, or there's an error with punctuation in a SoA (an SoA that a client doesn't want anyway) and hand out EUs or Banning Orders, though they take how long to do something about the likes of Mayfair and similar promoters?

Ouch

Jeez, someone's popular!

Oh yes. This guy is a grub and deserves jail time. But 10 years is a bit stiff when bank staff can lie, cheat, steal, launder money for terrorists and none of their management staff ever get in any trouble whatsoever. Im pretty sure that if a senior banker murdered his family and a bunch of his clients ASIC would find a way to blame it on an independent adviser.

Plus, people can kill someone and get away with 2-3 years jail. Id much rather be broke and alive than rich and dead.

Advisers are better off only dealing with those that want to plan ahead and who can afford advice. Running a practice is not a charity

So he had to be gaoled for 10 years before getting a permanent ban - that's fantastic! It's a shame I can't insert a gif into this comment of a slow hand clap.

It's always got me stuffed with these blokes. Doesn't it ever enter their pea brain that they'll have to pay it back, like there'll be a day of reckoning?

long sentence...not saying its not deserved but you get less for manslaugter..

cant be believe how stupid can be... also, manslaughter gets less time behind in jail.. go figure