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...
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