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.
Its in existing law.SOCIAL SECURITY ACT 1991 - SECT 1223Ahttps://www.austlii.edu.au/cgi-bin/viewdoc/au/legis/cth/consol_act/ssa1991186/s1223a.html
Can someone point out where, in the Exposure Draft, the Centrelink assessment would be from the start of the pension…
Offer the exit door on these old products, then set a 5 year Centrelink clawback Hammer to the head. Awesome…
Wholesale should be opt in for all clients, and be extended to super advice and risk.
Misses the point. Plus I don't get it. Then SMSF Trustees should also need to sit an exam, AND people…