ANALYSIS: End of the line in sight for financial planning's gravy train
The Government has created the Financial Adviser Standards and Ethics Authority , which is now in charge.
And FASEA has the conflicted payments that dominate the industry, and which were the root cause of virtually all the scandals, firmly in its sights.Standard Three of that Code says,"You must not advise, refer or act in any other manner where you have a conflict of interest or duty." It sounds clear enough, but just in case financial planners are in any doubt what a conflict is, FASEA has issued some guidance to help them."You will breach Standard 3 if a disinterested person, in possession of all the facts, might reasonably conclude that the form of variable income COULD induce an adviser to act in a manner inconsistent with the best interests of the client or the other provisions of the Code," FASEA states.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
From fireworks to festivals, here’s how to end the decade with a bangFrom fireworks to festivals, here’s how to end the decade with a bang SydNYE
Read more »
Samoa calls an end to its measles emergencySamoa has lifted a state of emergency declared over a measles outbreak that killed 81 people, after the infection rate slowed.
Read more »
Hong Kong's farewell to 2019 will be marked with mall protestsHong Kong will end 2019 with multiple protests planned for New Year's Eve and New Year's Day, all aimed at disrupting festivities and shopping in the Asian financial hub.
Read more »
Hong Kong to mark the new year with multiple protestsHong Kong will end 2019 with multiple protests planned for New Year's Eve and New Year's Day aimed at disrupting festivities and shopping in the Asian financial hub
Read more »
'Act of sheer desperation': Casey councillors to vote to forfeit their planning rightsEmbattled Casey councillors are planning to meet on New Year's Eve to vote on a motion forfeiting their right to vote on planning applications.
Read more »
Paine calls for no mercy at SCG with Kiwi clean sweep in sightAustralian captain challenges his team to learn lessons from their Ashes fade-out as the home side aim to send New Zealand home on the receiving end of a 3-0 drubbing.
Read more »