The second round of royal commission hearings will commence on Monday, 16 April and will focus on the conduct of financial advice providers, with institutions and associations well represented among the organisations compelled to appear before the inquiry.
The first topic will be “fees for no service”, reflecting on the cases whereby ASIC has instructed institutions to pay reparations to customers who paid fees for advice that was never provided.
Representatives of AMP and CBA, and their various dealer group subsidiaries, will be required to give evidence on this topic.
Later on in the proceedings, ASIC, the AFA and FPA will provide evidence on the topic of disciplinary regimes governing financial advisers.
Dover Financial Advisers is the sole non-institutional licensee being called to appear before the royal commission.
The full list of specified appearances for the financial advice hearings can be seen below:
[quote=Anonymous]Looks like I’m arguing with myself. I’m not a financial planner, so I don’t need a dealer group.[/quote]
Me neither.
I thought the terms of reference in this commission was that they would NOT rehash shit that has already been covered from head to toe 5,000 times already over the last 10 years. Don’t these clowns have anything else to look at besides hammering advisers every single minute of the the day? Sick of it. When all the advisers leave this industry who will they pick on? All of them will be out of a job.
ING DIRECT Executive Director of Distribution Lisa Claes.Ms Claes says mortgage broking is very different to financial planning. Abolishing commissions would decimate brokers
Check this out, heh. What about us!!! Bunch of LKINO%%$##
What is Dover doing on the list of companies asked to talk on disciplinary regimes, when they wont let their advisers do their own advice documents and take p to a month to prepare a basic SOA.
Dover is one the places of last resort for financial planners who most other groups won’t consider after previous misdeeds, hence the section they will be appearing. Pay your monthly fee, you are in.
They might have had to fix up a few poor practices over the past year or so, hence the slow SOA production.
Haha so wrong. Do you know anything aboit them?? Hilarious.
Dover weren’t called up to the RC just for a chat and a cup of tea. You’ll learn more ”aboit” Dover soon.
Who is your dealer group?
Looks like I’m arguing with myself. I’m not a financial planner, so I don’t need a dealer group.
The biggest scam are the time share company’s who harass clients lie to them asic won’t go near them and there so called financial advisors have no knowledge of our industry
Amazing- I don’t see anything regarding management who kept quiet about rogue advisers and other less than appropriate practices. HMMMM, another immune group which tells me the RC will be a limp D.
This is round 1, expect individuals to be called up later in the RC. Watch certain groups be happy to purge former planners and staff.
ISA in all this is where…? Oh that’s right, they’re untouchable by the mere likes of these royal commission clowns (court jesters?)
I just love the left wing angle to fee for no advice.
What amazes me is that fees can be cancelled at anytime, they lapse after 2 years, we provide an Fed annually and they receive an annual statement.
Am I missing something here?
We now have a new industry created in Aust… all the fat cat bureaucrats getting paid and sadly, no one benefits!
Why would you bother putting up with this farce.
In fairness, there are a lot of advisers that have just bought books of clients and just sit on the grandfathered pre-opt in fee trails as long as they can. Some advisers have thousands of clients, that is definitely fee for no service as you simply cant provide a service to all of those people. Just pure greed.
“there are a lot of advisers”….how many is a lot? That is a massive presumption on your part Anonymous! By the way, who the f…..k are you?
Truth hurts sometimes
yes, many ”financial planners” buy books, not so much of a current practice but historically (including recent history) massive. Three times on the two insurance policies I have, I have had to tell the insurer to remove the ”financial planner” after the original financial planner who set them up retired and sold back via a BOLR arrangement. Never got any notification either time that I had a new ”financial planner” till I saw the annual statement. Neither ”financial planner” had called to introduce themselves. Times are a changing folks, massively, get ready or get out!
Wow, financial advisers have targets! Thank god for the royal commission to unearth such shocking news. In other amazing breakthroughs it was exposed that eating macDonald’s everyday is bad for your health and KFC is fat fast food.
Unbelievable!
Fee for service will be the next litigation bonanza for the legal industry. Advisers better have clear and concise proof they provided a “real and needed” service. Giving market updates, birthday cards and naval gazing meetings to clueless retirees will not count. You better pray your not in a slater and Gordon growth plan. You will lose every time.
Lol.
Bit cheeky with this play on words but couldn’t resist.
I wonder if the Industry funds will get looked into, or are they off limits?
Unions funds, accountants, real estate agents, and book spruikers all have regulatory immunity.
Why is that? The biggest rip offs Ive ever seen are in property spruiking. Regulate that first instead of picking on the same ol advice business.
Its about time. AMP about to be exposed in a big way…
It was always going to fall on our shoulders… Sigh.