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Interesting to see the Association V the Licensee vote go heavily in favour of the Associations. This is telling in that it would appear that a high percentage of professional advisers do not trust their licensee and probably this can be put down to the fact that advisers remember how the dictatorial manner some licensees acted in the past stopped them from providing quality advice to clients. Take heed licensees, there will come a day when all advisers will be licensed to ASIC or their Associations and not you and we will not need a licencee as is the case now.
Under Australian law, financial advice licensees are recognised as powerful intermediaries between the distribution of financial products and household wealth. Now, licensees are starting to enjoy economic conditions commensurate with that heightened liability.
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