Hedware wrote..."If an industry fund decides to have an authorised adviser give financial advice to a member, then the member picks up the tab and not the fund".
ASIC found/stumbled across..."HostPlus is based in Melbourne and is licensed to provide financial services and act as trustee of specified superannuation funds." ASIC"Following a complaint, ASIC investigated whether the telephone message contained a misleading representation that the advice service available to HostPlus members was ‘independent advice’. ASIC was concerned that HostPlus and IFS were not independent of each other because HostPlus employees were appointed as authorised representatives to provide financial advice under IFS’ Australian financial services license, HostPlus paid service fees to IFS for adviser services and at the relevant time, HostPlus was a shareholder of IFS’ ultimate holding company."
Hedware, care to run me through your logic/assumptions again? It seems your statements demonstrate a clear lack of knowledge and understanding.I would also like to know what HostPlus gets for paying IFS for the Advice?Any guess what product IFA recommended?Do any of these arrangements within HostPlus represent "conflicted remuneration" in your mind?
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