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ASIC is a bit of joke isn't it. Still waiting to see if AMP have their license suspended for 5 minutes. He should have called himself AMP or CBA. That way he would not have been fined at all and probably the only penalty would be the requirement to take ASIC out to lunch. At this point in time you just pressure the planners to sell and if they get caught wanting then it's just a cost of doing business. Often that cost is so small compared to the financial benefit gained. This is not what the licensing system is about. The Licensee is responsible for the advice and therefore punishes the advisers due to the risk of ASIC coming in and punishing/suspends/fines the licensee.