As the planner exodus continues, Professional Planner talks to Jeremy Wright, a 59-year old insurance adviser set to abandon his ASIC registration on January 1, 2021. “This is like a bloody communist state,” he says.
ASIC's consultation on advice access has the potential to be a "transformational undertaking", the newly promoted minister tells Professional Planner. The key, she reckons, will be getting advisers to tell their stories.
The regulator denied using current regulatory standards for advice lookback reviews that involved older cases with different benchmarks. This comes as ASIC mulls abandoning the 7-year review period altogether.
Advice regulation isn't particularly well-designed, but with some holistic thinking and a tweaked mandate for the Single Disciplinary Body the industry can reshape into something that is fit for purpose. Conrad Travers and Selin Ertac write for Professional Planner.
The regulator has confirmed it is aware super funds are sending letters out to licensees asking them to confirm that every member has received the advice they paid for before the fund will release the fees. But ASIC’s blessing came with a warning.
The regulator’s promise to reduce compliance costs doesn’t gel with their hard line on ‘lookback’ requests, advisers say. Fear still runs rife in the industry and is stifling efforts to reduce the cost to serve.