ASIC confirms super advice scrutiny

7 September 2018
| By Mike |
image
image image
expand image

The Australian Securities and Investments Commission (ASIC) has confirmed that advice within superannuation will come under scrutiny in 2018-19.

The regulator has confirmed its intentions in its Corporate Plan, announcing a new project specifically aimed at examining the quality of financial advice in superannuation.

It said the focus would be on improving conflicts of interest management for advice provided to existing retail and industry fund members.

“This covers advice channels such as advisers employed by or authorised by the fund (or a related entity) and advisers with a referral arrangement with the fund,” the ASIC document said.

It said the regulator would be reviewing samples of advice provided, including relating to fund consolidation and intra-fund advice, such as where the cost is borne by all fund members.

Confirmation of the ASIC action follows on from an earlier announcement that it would be subjecting superannuation funds to a shadow shopping exercise.

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 5 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 1 day ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3