Advice down under: 90% of advisers fail to comply with clients' best interests
Country has 25,000 advisers
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...
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