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Up until now regulators have let not just real estate agents, but also accountants, mortgage brokers, product provider call centres, and content writers give as much dodgy financial advice as they like. Regulators have focused all their efforts on persecuting licensed advisers. They have effectively pushed consumers away from licensed advice into the arms of dodgy unregulated providers.

But the moment one of these unregulated advice providers dares to suggest withdrawing money from union funds, it suddenly becomes important to enforce the law against them. Surely ASIC's role should be to enforce the law all the time to protect consumers, not selectively to benefit unions?