Every time there’s a financial implosion triggering a claim on the Compensation Scheme of Last Resort, it’s the innocent left picking up the pieces. Even the Financial Services Minister Daniel Mulino has conceded as much, adding further weight to the push to make the scheme more equitable.
The bureau’s financial advice role definition is not up to scratch, the FAAA says, and conflates the role of a financial adviser with an investment adviser. A new setup will help better inform industry, the community, and even potential new advisers about the profession.
Of the 8,946 practitioner advisers who belonged to either industry group before their April merger, 8,093 have renewed their membership with the merged entity. The FAAA was “very pleased” with the 90 per cent renewal rate, its CEO said, urging stragglers to renew before a grace period ends next month.
