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Interprac has several previous court cases against them.  What will be considered are the timeframe these funds are frozen and what a prudent investment’s return ms would have been.  Many of these investors are near retirement and those opportunity losses will be significant. 

As if the funds were invested to perform as promised upfront.  What similar amounts of investment would’ve produced if invested prudently from the date the funds were frozen until settlement occurs. 

Many clients didn’t even had reviews been performed.  A cookie cutter agreement send to clients. 

Good morning ASIC, 
When you tie the hands of licensed professional advisers with overregulation, you leave the door open for these unlicensed investment influencers.
With AI now amplifying their reach.

Regards
A licensed multi degree qualified adviser 

And yet ASIC is happy to leave all the property experts on social media telling people to sell their homes in order to buy multiple investment house and land properties in rural Australia because property is NOT a financial product.

This will end so badly.

I seem to recall Don Trapnell discovered ALL life insurance is LEVEL Premium in the UK

One question for which I do not have an answer: is CPI applied to the sum insured each yearIn the UK.

That was always my question about a claim that a product had level premium. A genuine true level premium product froze all ongoing CPI increases at the Premium that applied at the age at entrance.

It is been my practice for over three decades to make sure my clients purchasing level premium products understood that if the rates of stepped premium policies were increased because of claims experience, that a relevant and related increase would occur with level premiums. But with a genuine true level contract there were always demonstrable savings over the accumulated stepped premiums if the policy was retained for 20 or 25 years. If of course you believe the projections.

Of course we all know what happened. Comminsure apparently, according to insiders, refused to increase premiums for level premiums following an increase to the premiums of their stepped premium policies, because apparently the CBA bank advisers had been primarily writing level premium contracts, and the bank feared that an announced increase could result in lapses. Just saying!

Then of course there were the former National Mutual level premium contracts, absorbed into AMP I believe around 2009. The AMP board apparently refused to accept advice that those Level premiums needed to be adjusted, which resulted ultimately in a nice friendly letter from AMP a few years back to its level premium policy holders that their premiums had jumped by 50% in one year.

The facts are that our friends the life insurers have failed us on their level premium promise and there is now a significant distrust from most experienced risk advisers on the continuing attraction of writing new business on level premium.

In addition to this, change the continuing education requirement of 9 hours of Ethics related topics annually...

The Fox Glacier makes this government look slow when it comes to any kind of reform relating to financial advice.

Higher advice fees.

Accountant.

Sadly ASIC have a proven track record of ignoring complaints from financial advisers about miscreant actors in our industry. For years advisers complained about Daryl Dixon, yet only crickets came from ASIC.ASIC were told years before about the unauthorised Melissa Caddock in Sydney whose bones supposedly now rest on the bottom of the ocean. Most complainants have stated that they never even got an acknowledgement from ASIC that their complaint had been registered

Advisers have been complaining about influencers operating in the financial advice industry for over 5 years , yet nothing seemed to happen quickly. They're not hard to find.

ASIC has an ideological blindspot about complaints coming from advisers. They appear to have assumed that if a complaint comes from an adviser , about the activities of another adviser, or someone pretending to be an adviser, that complaint must come from the adviser on basis of self-interest, probably a complaint about a business competitor. 

In other words, the evidence is the  ASIC habit is to assess complainsts to always have an element of self interested complaint, and therefore cannot be something whereby the complainant is seeking to improve  the reputation of the total industry. It's the sort of thing Standard 12 tries to encourage, but we still don't know what ASIC will do with the complaints when they get them.

With the FASEA Board stacked with ex-consumer based operatives, left-wing legal representatives and weak industry representatives plus ASIC subliminally providing FASEA with so called " guidance " around specific wording in various standards within the code and then ASIC paying for 2 Griffith University academics to provide a consumer based submission to FASEA and with CHOICE and ASIC in secret meetings and discussions regarding the code, it is no wonder the wording of certain sections in the code is clearly stacked against the Adviser in terms of workable and daily operations.
Lets face it will we....it was a stitch up from the beginning designed to easily catch Advisers out of several fronts and to push for the elimination of Risk Insurance commission remuneration through the wording of Standard 3.      

$14.8m ‘crypto scam’ involvement sees former adviser hit with 10-year ban, seriously!

ASIC permanently bans a financial planner for alleged insurance churning based on manipulated & incomplete evidence. Complaint received after a year he started his business.

Did not receive any upfront or ongoing commissions (facts!), employed financial planner (employer received everything!). The new insurance product is more superior than previous insurance product, facts just keeps appearing.

Just had to properly read and investigate the bogus complaint to show the true facts. 

Time will eventually show who was telling the Truth.

So she was an Accountant. She may have also pretended to be a financial adviser, but she was an Accountant. 

Can we at least accurately report these activities?

10 years? How do you get a lifetime ban??

Helllo, ASIC? I would like to report a finfluencer for misleading and deceptive representations. You know that guy from Blue Heelers, Snr Sargent Tom Croyden? Well, he has been spruiking these 'balanced' superannuation funds, but when I check my asset allocation I am in fact in a high growth fund. This was not what I signed up for..... help. 

And yet the numerous property spruikers who recommend establishing a SMSF when clients don't have sufficient equity are able to continue without any restriction. 

ASIC’s action against unlicensed finfluencers is both necessary and welcome. The spread of misleading content promising fast wealth and luxury lifestyles blurs the line between entertainment and responsible financial guidance.

We’re now seeing younger Australians — including the children of long-standing clients — suffer real financial setbacks from following unlicensed advice. The bigger concern is that they lose trust in financial markets altogether and become resistant to seeking quality advice later in life, when they’ll need it most.

As licensed professionals, we must continue to raise awareness, uphold high standards, and demonstrate the long-term value of credible, personalised advice.

#TrustedAdvice #ASIC #Finfluencers #FinancialWellbeing #ConsumerProtection

I would give more credence to the advice of finfluencers than the unqualified used car salesman back packer desk jockeys from the evil super funds. 

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