Two appointments made to FASEA board

This comment is 2 months late but here it is….this industry is totally broken and its been broken by the very (corrupt) people who say they’re making changes for the betterment of consumer outcomes! If that’s not the biggest load of BS I’ve ever heard, I don’t know what it is!

We have an education arm that’s so conflicted and infested by greed, yet is being allowed to continue enforcing its nonsensical ideology that every financial adviser has to be Degree Qualified in areas not even relevant to what some advisers even want (or are capable of) providing advice in to start with. How almost half the Board can be seen to have conflicts of interest yet be allowed to remain or that the standards be allowed to continue in their current format defies logic and any understanding of proper ethical behaviour.

We have life insurance companies manipulating the adviser remuneration structures less than 4 years ago where we lost 30-50% of our upfront with the PROMISE of higher ongoing servicing fees in the future – yet here we are today just 4 years later with the prospect of that higher ongoing and any upfront remuneration potentially being scrapped by 2021. They’ll deny having any part in this this but I’m not buying it for one second. But on this this, they also run around telling advisers now that if you just stick around and get through all the changes, there will be so many opportunities for you and that the world WILL be better while at the same time, many of them are NOW offering redundancies to staff because their sales are down. Little wonder!

We have a disgraceful left wing, socialist regulator that manipulates data in its reports to confirm an agenda already predetermined then comes out several years later, after the reputations of advisers have been unfairly tarnished to say our findings weren’t actually as bad as we told everyone. Furthermore, also made operating as an adviser so incredibly difficult through their over the top ridiculous compliance guidelines that many of us just can’t go out and provide the advice anymore because we’re stuck at our desks filling out compliance checklists that do nothing but protect our Licensees.

No wonder this industry is grinding to a halt and advisers are leaving in droves.

I watched 4 corners last night about Universities lowering their entry standards for international students and the result being increased plagiarism, copying work and students failing. It also resulted in Lecturers being let go for unrelated reasons, and Universities increasing their revenue. Is this ethical and does it meet community standards?

I’d like you to consider this through the lens of FASEA, who have been asked to determine the education standard for advisers. FASEA have stated that advisers who have old degrees (including masters) need to re do their study. Is this another cash grab by the Uni? Is it a conflict of interest for those who stand to benefit from the recommendations to make the decision? Not in the advice world, we were told it’s ok in the academic world. Does the story above put that into question?

Think of it like this.

Universiteis = Banks (Providers)
Degrees = loans (Product)
International students = customers looking for a loan (Customers)
Ignoring admission standards = incorrect loan documentation (Non compliance with existing law)
Plagiarism and failing = loan defaults (Poor client outcomes and loss)
Lecturers being let go while university boards endorse the actions =planners being made to do additional paperwork while bank executives tell us how that will stop these issues. (Executives shifting the blame to the lowest level)
All to generate more revenue that is not fit for purpose.

Are these Quality appointments or is that the Catherine Walter from the embarassed NAB chair overseeing a disaster as the RC called them ? , Mathew Rowe a FPA chair puppet ? ,Steve sogami ex AMP redundant mark brimble ? I heard that name before where ? ?