So ASIC is making a decision/recommendation without a basis for advice? What alternative strategies have they investigated and why were they discounted? Wouldn't it be great to be able to make recommendations without actually doing any research and building a case in a statement of advice that would make you accountable.
Isn't this exactly what happened when ASIC had to admit that they had no real numbers in regards to churning which was the main reason used for the LIF changes? Changes which benefited banks and insurers, and punished clients and advisers.
ASIC is either incompetent or knowingly making decisions that benefit banks/insurers and punish clients and advisers. Based on previous actions does anyone believe for one second that the banks will rebate the grandfathered commissions to the clients? Further does anyone think ASIC is actually capable of finding out if the rebates do occur, and punish anyone (other than easy targets like advisers) when they aren't.
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