Perhaps the question that should be analysed is whether any of this has added to either Investor safety or industry productivity and the answer would be NO! The TPB are the equivalent of skin cancer on the industry - an annoying inconvenience most of the time but if not held in check then dangerous. FASEA is the most conflicted body set-up to reward industry favorites and selected universities/education providers and will be worse than a broken hip in spelling the end of many long and distinguished careers in the Industry. As for ASIC they have turned into a publicity seeking scourge that is handing out punishments based on judgments that are as meaningful as Goldilocks and the 3 bears that adviser hasn't given enough consideration to Insurance (porridge to cold) and that adviser has over insured (too hot according to ASIC) and there attempt to produce an Insurance SoA was laughable at best and outright hopeless at worst. The Government would do us all a favor by going back to sleep for another couple of election cycles and leaving the industry alone to try and cope with the impositions already made upon it.An adviser who is RG146 compliant and looking to stay in the industry for more than 5 more years will need to pay an extra: $1000 p.a to ASIC for them to continue to do their job badly, $800 to the TPB for them to not even know what their job is and at least $1000 p.a to study a subject they wont need to attain a degree they don't need and lets not get started on the other projected Agencies like the AFCA. Happy to say that my retirement has a hard cap at 2024 but will probably be sooner and lets see the 24 y.o graduate with no life skills fill the hole left by my 40+ years of experience.
In order to give you the best site experience, we need to know what kind of investor you are. Please select the title that best describes you below.
Financial Advisers - Investment
Financial Advisers - SMSFs
Individual Investors with SMSFs
Financial Advisers - Insurance
Accountants and Solicitors
Financial Services Professional