Welcome to the NMPE ReVue, where we cover off shorter-form news items of the day in an easy-to-digest format.
ASIC says accountants no more compliant than advisers
In a submission to the Review of the Tax Practitioners Board, ASIC voiced its opposition to the reinstatement of the accountants’ exemption regarding advice for SMSFs, noting that “the decision to set up an SMSF is one of the most significant steps a consumer can take in relation to their retirement savings.”
It was particularly important to ensure the exemption wasn’t reinstated, ASIC continued, because “we have not seen evidence that TFAs or accountants provide more compliant or better financial advice for consumers than other financial advisers and so do not believe that concessions from the financial advice regime for accountants can be justified on this basis.”
Former GPS adviser banned
ASIC also announced it has banned a former GPS Wealth adviser, Alexander Rothnie, for three years. The regulator found Rothnie had “failed to properly investigate and document his clients’ relevant financial and personal circumstances. Mr Rothnie also failed to give adequate consideration to his clients’ existing insurance products before making a recommendation to switch them, which resulted in clients being worse off.”
Commenting on the ban, ASIC commissioner Danielle Press said: “Advisers have a legal obligation to prioritise their clients’ interests and to comply with the best interests duty when providing personal advice. ASIC will continue to take action where advisers don’t comply with the law.”
Industry fund recruits new member experience head after recent departure
Club Plus Super has appointed a new head of experience, former Macquarie head of wealth marketing Carolyn Tait. Tait replaces Beth Parkin, who joined from Rest in April.
At the time, Strano said it was an “exciting time to join Club Plus Super as we consider opportunities to grow and retain our membership through the evolution of our member experience proposition.”
The opinions expressed in this content are those of the author shown, and do not necessarily represent those of No More Practice Education Pty Ltd or its related entities. All content is intended for a professional financial adviser audience only and does not constitute financial advice. To view our full terms and conditions, click here.
03 December, 2019
In today's ReVue, we examine:
02 December, 2019
There are three key points the industry needs to consider before it can move into the modern age.
28 November, 2019
In today's NMPE ReVue, we examine: