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This point and level of entitlement has to be dropped. Just because a few people failed and had a cry doesn't mean they whole system has to be changed. It is there for a reason and done that way like the government exams.

You failed!! Get over it!!! You studied harder the second time and you passed.

Very very good point. 

Bravo to you for championing an ultra tailored approach to your clients needs regardless of their background.

Thanks so much for your comment - this is anarea I am hugely passionate about and so glad to see others are too!

Lets hope that ASIC pursue this whole mess and every single entity and individual involved with the same determination and persistence they are now crowing about with ANZ.
The concern is that it's much easier to get a big financial result from a bank deemed to have committed crimes at an institutional level rather than an individual level and that easily has the funds to pay the fine and the remediation and then move on.
ASIC now need to take the same dogged determination into this dogfight to ensure this behaviour is severely penalised and made a significant example of in order to at least try and prevent a repeat.  
Let's see how how the regulator travels on this path, even though they should have been well and truly across it and onto it well before the damage was done. 

Super charged two-tiered playing field ahead.

In my opinion, ASIC has no intention of stopping their strangulation of financial advisers. 

Time for a Royal Commission into them. Their record has been truly awful. 

This is ASIC reducing red tape. Another Legislative Instrument to add to the mountain of legislation, regulations, legislative instruments, regulatory guides and INFO sheets. 

Cowboys like Merhi, his mates at Shield and Guardian give the 99% of an industry a bad name because of their greed and incompetence. Hopefully ASIC and law will make them accountable for what they did and sooner the better for all concerned. 

Four Corners needs to investigate ASIC because the government won’t…

The question nobody has answered is why and how did Merhi get his own AFSL as noted in this article when he was licensed under Interprac? Why would he be giving up a share of his income to Interprac when he had his own AFSL and any business written under this license was all for him with nothing to share?

I just hope ASIC is unrelentless in their pusuit of Macquarie Bank.The Fish rots from the head first and Macquarie are trying to say that their Fillets have nothing to do with us .Theyre on the scales weighed up by somebody else .  

Anyone using industry funds should have a look at themselves. Constant lies and ineptitude from all staff - same with Macquarie and BT Panorama - at least AMP products like North are client and adviser friendly. It’s what is good for the client that needs to be considered not what the media or anyone else subjectively feels.

Yep so obvious the aim for Industry Super Funds flogging FUM via Uneducated, Unqualified BackPacker call centres and dressing it up as Advice. 
RC 2.0 will be guaranteed 

Kate, give me a female client, anytime. More appreciative, easier to understand, implements advice meticulously, pleasure to look after and gives lots of referrals (to other women). 

Setting it up so Industry funds can provide advice over the phone without any paperwork required...yet if a financial adviser wants to do the same they need to do a mountain of paperwork.

Super funds have trustee responsibilities and currently there are serious conversations around super fund trustee wraps being held accountable for Shield & First Guardian.  Even though they weren't directly involved in the collapse. This alone should make super fund trustees very nervous about 'nudges' being perceived as advice. 

Super Funds are such big business now - deemed too big to fail. Their members are forced members in that super is regulated. So the government has a degree of responsibility and needs to be seen to be fixing the hot mess when things go wrong. 

The whole system has fundamental flaws of the government and regulators doing. Trying to offload fiscal responsibility for failures to other participants in the industry is the death knell. The banks all exited because they could see the writing on the wall. Where will the regulator be when large financial institutions also exit. The unions will love it until they realise how much of a mess their intervention has created. 

Watching ASIC fine not-for-profit industry funds just makes me chortle. No-one wants to take responsibility for the rubbish system the government & regulators built. 

Take control of your own money and get it out of the over regulated system as soon as you can. The levies to cover the rubbish can only increase. 

There is no risk here. If the super funds do the wrong thing, clients can be re-imbursed by Financial Advisers through the CSLR. 

Hi, Kate. Great article. I'm pleased to report that, contrary to the experience you have outlined here, I have a significant proportion of my clientele who are either widows or divorcees. I find that their appreciation of an adviser who respects their wishes and understands their needs and goals is significant.

Kate, most smart advisers know that failure to appease the woman usually results in a no-sale. 

A recent article from the UK shows they are also experiencing a shortage of financial advisers.  One key reason for the shortage is "New regulations and compliance challenges, making it difficult for firms to attract and retain talent".   Beaven's "solution" is simply going to reduce Australian adviser numbers further and make financial advice even more expensive than it is now.   We are regulated to death now, and doing annual certification exams will make it worse.