The FSC as usual is trying to shift blame for their members behaviour and this is another distraction. A quick review of the AFCA 18_19 summary of complaints.60% of complaints were about banking and finance, 23% were general insurance (Companies not brokers), 9% were about superannuation companies. Only 5% were about Investments and advice and you can bet 'investments' includes product failure and property spruiking. 2% were about insurance.As far as funding it is very simple. 92% of all AFCA costs and ASIC should be borne by members of the FSC. They are the ones causing the costs. If it was only advice, AFCA would be twiddling their thumbs.The FSC and its members have done tremendous damage to the advice profession and now want us to pay for their corruption of a valued service.
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