Yeah, great idea. Why dont we also exempt SMSF super advice, intra fund advice, insurance advice sold directly to the client over the phone, personal loan advice, car credit advice, car credit add on insurance, mortgage advice, off the plan investment advice, general investment selection advice and basically any advice not given buy a qualified professional who are now forced to suplement their 20+ years of experience coupled with the highest qualification recognised world wide, with a formal degree.
Oh thats right. All these products and strategies can already be provided without any formal training, compliance/Statement of Advice, professional indemnity insurance or ongoing training and the only people r3commending any of these strategies who have to comply with the Best Interest Duty are the financial advisres.
If a client comes to me and asks to increase his/her life insurance form $1 million to $2 million because they had another child i have to spend at least 2 hours on compliance, SOA, Best interetst duty, Fact find etc. Just to do the increase.
One set of rules for everyone dealing with any of these financial products please
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