Financial advisers from large aligned AFSL groups bear the brunt of complaints, according to the Australian Financial Complaints Authority s data, with several AMP and Insignia Financial practices leading the pack.
Following a massive overhaul, Insignia Financial chief executive Renato Mota is confident that one of its brands will be able to meet the growing advice affordability gap.
This edition of the Update covers: 1. Recent legal and regulatory developments, including the release of ASIC's immunity policy for market misconduct offences, a FATF.
As far as licensees were concerned, Financial Services Partners saw a departure of 10 adviser roles, Bridges Financial Services was down eight roles and Perks & Associates lost six roles.
Williams said that there was again a log tail of losses with 14 licensees down by two and 39 licensees down by one role.
At the same time, 36 licensees made net adviser role gains of 64.
“Leading the way was Hoxton Capital Management, a UK based firm with nine taking its Australian holding to 11. All nine advisers appear based overseas, eight in the United Arab Emirates (UAE) and one in the UK. None had prior entries on the ASIC FAR,” Williams said.