A body representing international independent financial adviser communities has criticised the Australian Securities and Investments Commission's (ASIC’s) involvement in the collapse of LM Investment Management (LMIM).
An LMIM spokesperson told ifa the authorised representatives operating under its Australian financial services licence (AFSL) would not be affected by the entering into administration, as they do not “write any business for [its] funds”.
Several firms have been impacted by the corporate regulator’s action.
Super funds must now have a retirement income strategy in place.
Vanguard has called for a complete overhaul of the advice industry.
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