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That is because there is simply an agenda being driven here and that is to purge the financial services space of as many older, experienced advisers as they possibly can and effectively attempt to start again with a fresh slate.
It is blatant and obvious that some factions within Govt and ASIC detest the thought of where the financial services profession has originated from and it is still in a transition phase which it is rapidly progressing.
However, the lack of consideration provided to older advisers who have had long and successful careers in the provision of service and advice to their clients over many years is being ignored as the people in control of the cleansing process have been given instruction to get rid of the "dead wood" and to re-create now...no waiting...no consideration, fairness or empathy.
This is not to say that everyone providing advice must be highly proficient, knowledgeable and compliant, however, the loss of experience will be immense.