Survey finds holes in financial advice

A shadow shopping survey in Australia reveals the superannuation industry isnÆt always working in the best interests of pension holders.

Financial advisors are often advising pension holders to switch superannuation funds against their best interests, according to a new survey released by the Australian Securities and Investments Commission ASIC on Thursday.

The shadow shopping survey covered 259 individual advisors and was designed to assess whether the advice given to consumers after the introduction of Super Choice last year complied with the law.

It found that 16% of advice was not reasonable given the clientÆs needs, and a further 3% was...

To continue reading, please login or register for free

Click for more on: superannuation | asic | financial advisors

Print Edition

FinanceAsia Print Edition


  • Green Bonds Southeast Asia

    25 May 2017  |  Singapore
    With Green Bonds globally reaching USD200 billion outstanding in 2016, from as little as 30bn just 4 years ago, can SE Asia corporations and ...
  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...