ASIC confirms 2009/10 shadow shop
The Australian Securities and Investments Commission (ASIC) has announced it will conduct another shadow shopping exercise next financial year.
The deputy chairman of ASIC, Jeremy Cooper, told the Superannuation Professionals' Association of Australia national conference in Adelaide that while it was too early to define the parameters of the shadow shop, it would include the financial advice given to self-managed superannuation fund members and trustees and the connection between advice given to investment in market-linked products and commissions.
Cooper said the current trend towards investing in cash puts pressure on advisers to make sure they are giving correct advice.
“There is a very real tension between what the client wants to do, rightly or wrongly, in this market and the adviser remuneration model,” he said.
Cooper said advisers must be careful to consider their own risk management regarding advice during the downturn.
Recommended for you
AZ NGA has partnered with an Adelaide-based accounting and financial planning practice as it expands its presence in South Australia.
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
ASIC has cancelled the AFSL of a Melbourne-based managed investment scheme operator over a failure to pay industry levies and meet its statutory audit and financial reporting lodgement obligations.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
