Liberal Party MP Jason Falinski and ASIC Commissioner Danielle Press
The corporate regulator has been forced to explain the different independence disclosure obligations between asset consultants and financial advisers in a series of questions taken on notice by Commissioner Danielle Press at the Parliamentary Joint Committee on Corporations and Financial Services in November.
Liberal Party MP Jason Falinski hounded Press on the marketing of asset consultant Frontier Advisors, who provide investment advice to institutional clients like superannuation funds and insurers, as well as private wealth advisers.
“ASIC have rightfully made a lot of the term ‘independent’,” Falinski said.
After pointing out that advisers working for vertically integrated institutions like AMP, CBA and Westpac “can’t call themselves independent”, Falinski turned his attention to Frontier, who he said were “putting themselves out there as financial advisers and are calling themselves Austral