Earlier this decade the government introduced the Financial Services Reform Act - to help protect consumers. The original law, while well intended, and compounded by ASIC's interpretation of FSR, created a compliance monster which did anything but serve consumers well. The primary problem was that the law and ASIC focused on FORM and PROCESS over SUBSTANCE.
Nick Sherry recognises the weaknesses and faults in the twice reformed FSR law, and seems to be about to fix the problem. Well done Nick. The solution is to refocus the law & regulations (and enforcement) onto SUBSTANCE.
But just as the government is solving the problem on one hand, the FPA (6 years on) is now committing the same massive mistake!!! This is very bad for consumers and it is very bad for quality advisers and their clients.
Bruce Baker, Puzzle Financial Advice PH: 07-3371 8112 bruce.baker@puzzlefinancialadvice.com.au
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