"Qualified" is code for a Vertically Integrated Fund Sales Rep, paid for by the fund members without their consent. The Big Bank/Industry Super Funds have now become today's Tied Agency AMP/National Mutual of the past. And this will be really bad for consumers, as it was back then.
So under the Labor Govt's announced proposal today, we now have the Big Banks & the vertically integrated Big Industry Super Funds salivating at the prospect of being able to charge you an ongoing (intrafund) advice fee, without your consent, and then they use the money they deducted from your account to pay for another members advice in order to provide the other member's personal advice (in many cases) unrelated to the super fund involved. If a retail adviser did this, they would be banned by ASIC. But if a Big Institution does it, it is OK. It's now time to flee to a SMSF, where at least you stay in control of your own money, rather than having your funds being clipped to pay for the personal advice of someone else. According to public record, even Commissioner Hayne and Choice (Super Consumers Association) would struggle to support these new proposals by the Labor Government.