The FAAA has referenced the possibility of legal protections for financial advisers who report instances of financial abuse via directorships.
ASIC has imposed a 7-year ban on the former head of advice at UGC, Louis Van Coppenhagen saying he is not fit and proper.
ASIC’s Macquarie precedent has been reinforced by its Netwealth action which sees the company compensating members to the tune of $101m.
The expected end of year exodus from the financial advice profession is becoming a reality with 83 exits from the Financial Adviser Register.