Coastal Advice Group’s Daniel Brown applauded last week’s news of the ASIC levy relief, but he said collaboration is essential, as there are “politicians making decisions about things that they have no idea”.
However, Mr Brown added that those in the industry also have the opportunity to “step up”.
“There’s potentially two million customers from banks that no longer have an adviser and if the adviser numbers are down and at least half of them are looking for a new home, if you can be found and trusted … there’s a great opportunity in front of us,” he said.
“So, for me, I’m maybe too optimistic sometimes, but I’m a big believer that financial advice and getting it to more Australians is going to be beneficial to us in the future without the banks involved, and perhaps then ASIC take the foot off our throats a bit more.”
Mr Brown’s comments comes as ASIC prepares to implement a number of new reforms next month, including changes to information sharing, breach reporting and hawking.
Meanwhile, it was also revealed this month that total regulatory costs in the advice sector almost doubled in the last few years to $59.59 million, well over a 100 per cent increase.
“We had to remove some of the people from the industry. We now shouldn’t be penalised moving forward from the past, and perhaps a more consultative process and getting us involved with the leaders of the advice industry to help what the future looks like for all involved,” Mr Brown said of ASIC’s regulation on the advice sector.
“I think, ideally, that would then benefit everyone, not only the advice community, but Australians trusting advisers to deliver great-quality financial advice.”
Thank goodness for ASIC and Frydenberg for finally protecting investors against this money grabbing, fraudulent industry that could not care less about its client’s interests while lining it’s bulging pockets.
ASIC & Frydenberg over the last 8 years have utterly strangled Real Advisers at every opportunity.
Even now as they announce so called pro business ASIC they are killing Advisers with ever increasing BS Regs & Red Tape costs.
How do these Canberra clowns say we want to reduce red tape compliance costs but at the same time hammer out more & more & more & more crap compliance costs.
It is mind numbing.
Actions are what counts Frydenberg & ASIC and your actions are a disaster every time.
Out with Frydenberg !!!!
Out with Hume !!!!!
Out with this LNP disaster !!!!!
And clean ASIC out completely and start again. Especially Ms Press.