Advice down under: 90% of advisers fail to comply with clients' best interests

Country has 25,000 advisers

Tom Ellis
clock • 1 min read

Nine-in-ten Australian financial advisers who provide advice to self-managed 'super trusts' have failed to act in the best interests of their clients, the country's corporate regulator told the financial services royal commission on Monday.

The Guardian has reported the royal commission heard "a litany of examples of inappropriate advice and misconduct including falsifying documents, with multiple cases of consumers paying ongoing fees and failing to receive regular advice reviews". The Australian Securities and Investments Commission (ASIC), the country's corporate regulator, said it recently asked an independent expert to review the quality of advice that had been provided by 137 advisers to self-managed super funds - a form of trust that provides up to four members flexibility in saving for retirement. In 90% of cases it...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Tackling the biggest challenge facing financial services in the UK

Tackling the biggest challenge facing financial services in the UK

'Trust in financial services is slipping'

Professional Adviser
clock 04 March 2026 • 4 min read
'No news is good news': Spring Statement stability welcomed

'No news is good news': Spring Statement stability welcomed

‘This was a low-key event, especially for pensions’

Jenna Brown
clock 03 March 2026 • 4 min read
FCA opens targeted support authorisation gateway

FCA opens targeted support authorisation gateway

Firms can now apply for permission to provide targeted support

Isabel Baxter
clock 02 March 2026 • 2 min read