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.
yeah if his ASX compliance is similar to his AFSL compliance, good grief...
Sure Garry, we believe you. NOT. How did you get AFSL compliance so wrong and turn a blind eye to…
AMAFA, the new licensee of last resort!
The guy is a walking conflict
Meanwhile, financial advisers are fully accountable for tax outcomes relating to advice and still cannot access the ATO portal. Accountability…