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

Country has 25,000 advisers

Tom Ellis
clock
In 90% of cases, found an independent review for the Australian Securities and Investments Commission, advisers had not acted in the best interests of the client
Image:

In 90% of cases, found an independent review for the Australian Securities and Investments Commission, advisers had not acted in the best interests of the client

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...

To continue reading this article...

Join Professional Adviser

 

  • 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.
  • Tap into our community intellignece through our regular Pro Adviser poll.
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Winners revealed for Gold Standard Awards 2021

Winners revealed for Gold Standard Awards 2021

19th year

Tom Ellis
clock 28 October 2021 • 2 min read
Black employees are the least likely to report equal recognition at work relative to their colleagues, according to the report.

Black employees heavily discriminated against within financial services industry

Half (52%) of black employees in the financial services industry have said they do not have equal opportunities at work, according to a new survey from reboot. and Coleman Parks.

Elliot Gulliver-Needham
clock 28 October 2021 • 3 min read
SJP committed to helping its 'partners' become Net Zero by 2035.

SJP commits to 'climate positive' operations by 2025

Four climate targets

clock 22 October 2021 • 2 min read