Mr Wilson noted that ASIC had been quick to clamp down on real estate agents advising tenants to withdraw their super to pay rent during the COVID-19 crisis – something that ASIC eventually “backpedalled” on – but accused them of turning a blind eye to the case of union officials giving advice on signing up to superannuation funds they were affiliated with and questioned whether they were required to hold an AFSL to do so.
“We would need to look at each case to see what was actually said and in what context it was said to determine whether or not it was financial advice and therefore whether or not a licence was required,” said ASIC commissioner Danielle Press.
Mr Wilson questioned whether an official suggesting to a member to sign up to Cbus for “low fees” or “superior returns” counted as financial advice and whether there was a breach if the organisation they were representing received money from Cbus.
“It would depend in that case on whether or not the individual was seen as somebody who was trusted in this space,” Ms Press said.
“It would depend on whether or not it was a default fund. There would be so many different categories.”
Mr Wilson also raised royal commission findings in the case of TWU Super, which paid officials $150,000 a year to encourage employees to sign up to their super fund and questioned whether that would be considered the basis of advice and if ASIC had reviewed the findings.
But Ms Press said that she would have to take the question on notice, noting the case had not been referred to ASIC.
The matter of real estate agents providing unlicensed advice provoked significant action from ASIC. The regulator sent a letter to the Real Estate Institute warning agents could be in breach of the Corporations Act and eventually looked into 124 complaints, issuing 13 warnings.
Compare the pair – ASIC and Industry Funds..mmmmmm…….
ASIC, CORRUPT, INCOMPETENT and CONFLICTED. DISBAND NOW!!!!
Everyone knows the outcome here. ASIC will ask the union funds to please explain. They will say that the information requested is commercially sensitive. ASIC will apologise to their union fund buddies for the inconvenience and nothing happens. We all know the rules don’t apply to union funds, or as proven recently ASIC staff members either.
“…take that on notice.” [google translate] “…havent even considered it / have no idea.”
It is pretty simple.
This is good and clear place to start:
What is ‘financial product advice’?
RG 175.24
A recommendation or a statement of opinion, or a report of either of those
things, constitutes financial product advice if:
(a) it is, or could reasonably be regarded as being, intended to influence a
person or persons in making a decision about a particular financial
product or class of financial products, or an interest in a particular
financial product or class of financial products (s766B);
Totally agree mate it’s black and white if you tell someone to join a superfund for its low fees or superior returns that is personal financial advice it does not matter the context in which it was said or other circumstances. This same moron from ASIC has asked financial advisors what is stopping us from providing scaled advice well maybe the fact that laws aren’t applied evenly to everyone, superfund advisors don’t have to meet half of the rules we do. Imagine if we told someone to join a superfund just based on the low fees and so called superior returns without considering anything else we would lose our authorisation have to pay compensation what a joke
They should also investigate current industry ads that feature a friend or work college giving advice in the form of “its not too late…”. That’s essential an industry fund giving financial advice via advertisements.
Fair point!
[color=red]ASIC i[color=red][/color]s corrupt[/color].
Further evidence of their political football ball tampering to get results for anyone they favour and damn the rest of us.
In the scheme of things, this seems pretty epic compared to pursuing an idiotic sod like Henderson for a powerpoint with false academic credentials. One they spend over a hundred grand to pursue and prosecute, the other doesn’t get a glance.
Aside from [b]Shipton/Crennan’s little dirty secret that recently came out[/b][b][/b], what else are ASIC hiding?
Please explain where is pauline
Doing his/her drag show.