The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has today released the list of witnesses that will appear before the next round of hearings, commencing in Brisbane on Monday.
Among them is a non-bank licensee called Select AFSL, which describes itself as an “an independent group of Australia’s most successful financial advisers” on its website and also trades as Let’s Insure.
Select AFSL will appear as a witness on the topic of “interactions between Aboriginal and Torres Strait Islander people and financial services entities” when the hearings move to Darwin in the second week of proceedings.
ANZ and ACBF Funeral Plans will also appear as witnesses on this topic.
The big four banks, regional banks Rabobank and Bendigo and Adelaide Bank, and a range of insurers will also appear on the topics of ‘farming finance’ and ‘natural disaster insurance’.
“The fourth round of public hearings will focus on issues affecting Australians who live in remote and regional communities, which relate to farming finance, natural disaster insurance, and interactions between Aboriginal and Torres Strait Islander people and financial services entities,” said a statement from the commission.
“Further topics may be included and the list above will be updated accordingly before the hearings commence.”
Not one of these comments actually relates to the article.
@IFA – any chance you can block the I.P of these trolls? Or else moderate these comments.
I used to enjoy the thoughtful commentary. Now it is purely self-serving drivel.
Yes, great idea Perplexed, totally agree, let’s head towards a North Korean style democracy and lets abandon free speech and shoot the messenger. That will assist the industry no end in the current environment.
Looking forward to the IFA ongoing coverage again.
In the midst of all this muckraking ,who is standing up for all the brilliant advisers in this industry who are really helping their clients, Certainly not ASIC !
The Royal Commission QCs. Sit back and enjoy.
I’m predicting one day ASIC will awaken from its sleep, call several meetings to discuss setting up meetings so that those meetings can arrange meetings to look at creating meetings regarding how to really understand what financial planning is really doing out there and how it emerged from the the tweed jacket life salesman to what it is today.
They will then (after gallons of coffee, trays and trays of sandwiches and hundreds of donuts have been consumed) come to the obvious conclusion that nothing much has changed in relation to advisers ripping off their clients. Commission one day, fee for service the next, it’s all the same.
Eventually they will target all advisers on the “fee for service” gravy train RORT and actually leave their offices and audit every dealer group and make every single one of you fee for service gravy train conmen justify your ridiculous charges and make you prove that you did more than just hand hold, meet for coffe and release motherhood statements. Rebalancing a portfolio for an hours research doesn’t cut it sorry. That’s a $200 bill for an hours work and a roa emailed.
Your going to get shown ASIC won’t believe your justifications and shut it down.
Given ASICS sloth like response you should have a decade or so left before they understand what’s gone on.
I see you’re using a new nickname now Steven.
Haha! “Anonymous” hides a multitude of sins, doesn’t it?!. You know though, for a bunch of allegedly smart advisers (which I’m sure we are!) we don’t really handle these pages very well, do we?
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I mean, surely it isn’t rocket science for each of us to decide upon a unique name for ourselves and to use it exclusively?! I’ve done that, I’m Squeaky_1. Just as ‘anonymous’ as any of you using that name Anonymous but I am unique and people can see my comment stands apart and refer to me clearly and not confuse me with the lazy nondescript two dozen who use “Anonymous”. C’mon – get a little creative, even if you only call yourself “Anonymous_1” or something like that! It’ll make it easier all ’round.
with your logic, lawyers, doctors, accoutants cannot also charge fee for service. Just wondering why? $200 to ask a lawyer a question is probably argulably not really worth it either, but the market decides. At least FPs have to disclose costs upfront.. So, you have made this comment a few times. So, a degree qualified FP is not worth $100 per hour, or $200? what do you value it at? and how do you propose they charge? I am genuinley interested in your thoughts on this.
i can’t believe you only spend an hour on research and RoA generation a year to rebalance a portfolio. Do you even talk to your clients to understand changes in their situations? Who is licencing you? I’d suggest you run a sloppy ship there amigo.
Agree. Steven I think your latest post, claiming we should just charge $200 for the hours work just blew your argument. An hours work to do all of the following- prepare for the appointment (anywhere from 30 minutes to sometimes a full day for me) a Record of Advice, client appointment, research, file notes, prepare and print out opt in letters etc, prepare file for compliance, talk to staff, implement advice. I wish an hours work. You equate our work to a Theater show. You think people should only have to pay for the show, but nothing for the time it took to prepare, such as the dress rehearsal or time taken to put on the make up.
I’m very curious IFA – why will you post this drivel from “Steven” which trashes our profession, but two of my responses to him now (telling him to stop with his bull) have not been published??? Is “Steven” actually an IFA reporter stirring up debate/commentary and clicks? Or are opposing view to his just not valid.
i am sure they will be interested to know this Sychron is searching for advisers that need to know they wont be looked at by ASIC, WHY?
Really not sure if this is one of their advisers but when statements like this come out openly flaunting a perceived relationship between ASIC and Synchron then someone needs to act
It’s bloody embarrassing and needs to be stamped out Aleks
Join Sychron, ASIC bulletproof licensee. Royal Commission will not touch them, Sychron have strong relationships with ASIC and will never be targeted.
well that’s just the kiss of death, isnt it.
You are a pest Annoymous. Stop posting this rubbish
EU pending
Anyone who posts as Annonymous must want to be a member of the FPA, come join us Annonymous, we will protect you from any conduct issues and get you to chair our national conference. We may throw you under the bus, but we too have strong relationships with ASIC, we have an ASIC bullet proof CEO, talk soon.
you keep commenting this on each article. You never say why? Synchron is known as the dealer of last resort, so i think its actually the opposite, unless they have ASIC in their pocket? trolling?
You are obviously NOT a Synchron AR or you wouldn’t post that rubbish. I’d say you’re more likely a Synchron antagonizer. Stop the trolling comments on every bloody article.