ASIC considers compulsory advice for complex productsBY MARK SMITH | MONDAY, 14 JUL 2014 12:10PMMandatory financial advice for the sale of complex products is among the measures the Australian Securities and Investments Commission (ASIC) is considering to protect consumers from the risks posed by these investment vehicles. Related News |
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Shail Singh
LEAD OMBUDSMAN INVESTMENTS AND ADVICE
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY
AUSTRALIAN FINANCIAL COMPLAINTS AUTHORITY
To be successful as Australian Financial Complaints Authority's (AFCA) lead ombudsman for investments and advice, one requires empathy, impartiality, and rationality. Shail Singh shares how he also uses legal and financial advice expertise to help consumers, small businesses, and member firms. Karren Vergara writes.
Income protection is a "complex" product. Income protection should not be sold on a general advice basis. Full stop. ASIC take note.