The SMSF Association’s CEO, John Maroney, has accused licensees of putting self-interest and profit ahead of advisers and consumers in a submission to ASIC’s consultation on access to affordable advice.
Maroney said SMSF Association members have indicated the layer of compliance levied by some AFSLs “prioritises their own self-interests” rather than the provision of advice.
Further, the CEO states, “some AFSLs have a bias towards revenue generation and ensure that their compliance guidance attracts the least number of complaints.”
Echoing a charge made by ASIC Commissioner Danielle Press at
Professional Planner’s Best Practice Forum last year that conservative licensees were hampering scaled advice, Maroney accused AFSLs of having a “very risk-averse attitude” and an undue fear of the corporate regulator. “This has forced AFSLs to create an additional burdensome layer of compliance to mitigate their risk,” he states.
Professional Planner events were experienced through a wildly different lens this year as the industry pivoted (didn’t we hear that word a lot?) from live in-person seminars to online webinars.
Zoom fatigue notwithstanding, the switch to online events was a resounding success not only for us but for the industry as a whole. People have embraced the convenience and the production quality has improved markedly across the board.
As always, the success of our events has been due to not only the hard work and talent of our events team, but the willingness of our delegates, speakers and sponsors to get involved and make a positive contribution. We are in your debt.