Super funds overshadow advisers in ASIC enforcement litigation
When it comes to Australian Securities and Investments Commission (ASIC) financial services enforcement litigation in progress, superannuation misconduct significantly outweighs that relating to financial advice.
That is one of the key bottom lines of the latest ASIC Enforcement Update published today covering issues from 1 January to the end of June this year.
The ASIC data reveals that there were 13 pieces of litigation on foot regarding superannuation misconduct compared to nine for financial advice and seven for investment management.
Where financial services enforcement outcomes were concerned for the period, financial advice misconduct accounted for 10 respondents three of which were civil matters and the remainder of which were civil matters.
This compared to 14 credit misconduct matters four of which were criminal.
Where superannuation misconduct was concerned, ASIC noted its action against REST and against Statewide Superannuation.
It's quite easy to charge way less than this and remain profitable and compliant. If clients have simple requirements then…
That average fee looks fine. I only asked because I have seen examples (not in the main) of advisers charging…
I struggle to understand this concept at all as these clients have choice and they don't deserve to be discarded…
I'd start by looking at your target profit margin, what your profit is now and what you need to charge…
So much for accountability and transparency. This is crap.