Doubts raised about validity of FASEA code and exam

Future boards of the Financial Adviser Standards and Ethics Authority (FASEA) will have no choice but to come to grips with the legal uncertainty inherent in the FASEA code of ethics, according to academic, Dr David Millhouse.

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BEST INTEREST DUTIES OF FINANCIAL ADVISERS - MORE LAW, MORE CONFUSION

ABSTRACT Best interest is a commonly used and misunderstood phrase interpreted differently in the law, media, legislature and throughout the investment chain, sometimes glibly. For investors, best interest has been confused with oft-misguided concepts of undivided loyalty to their economic interests. These differing interpretations influence every financial advice relationship, including process.

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AUSTRALIAN PRUDENTIAL REGULATORY AUTHORITY CAPABILITY REVIEW JULY 2019

For the record, to be absolutely clear, as advised to APRA in writing by counsel, this author has never been a director of any company when it was called “Trio”. Assertions to contrary are false, a factual mistake by APRA more interested in administrative convenience than fact, which remains uncorrected and potentially defamatory.

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Empirical analysis supports the Hayne long run reform thesis

Australia has arguably benefited from its market based regulatory system and progressed toward its first objective of an entrepreneurial wealth creating society competing with its global peers; the second objective, being investment stability and risk mitigation, has for many people been an abject disaster.

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