Having worked as a auditor for a big four bank, I could not disagree with your comment more. From what I have seen, the only advisers or licensees ASIC bans is the ones that provide poor advice. The type of advice where the adviser consistently places their interests above the clients. There are a lot of greedy, dumb and self interested advisers out there that still think it is the 90's. Switch super to a vertically aligned product and use the basis for their advice increased diversification, charge dead clients ongoing service fees, charge ongoing service fees where the client has not had a review for 3 plus years and consistently churn insurance with no basis for advice. I am glad ASIC is getting rid of these cowboys. And NO, I do not work for ASIC!
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