Advice businesses need to ask themselves whether they are in the business of running a business or just delivering advice or things will only get “busier and busier”, according to Certainty Advice Group.
Millions wasted, reputations damaged
Three years after the royal commission explored the fees-for-no-service scandal, ASIC has dropped the criminal probe into AMP on advice from the DPP.
Catherine Brenner says a more pragmatic approach from ASIC could lead to “better outcomes for consumers and the market”.
Peter Braig
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Last Friday, as residents of Greater Sydney pondered just how much longer its three-week lockdown needed to drag on, the corporate cop announced a criminal investigation into the conduct of financial services giant AMP had been dropped, with no further action taken.
News that AMP was off the hook and would not face criminal charges in relation to charging financial advice fees to customers who didn’t receive any, received little more than a collective shrug from the public, preoccupied with the return of the worst parts of the pandemic.
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While mounting compliance hurdles have left swathes of accountants offering financial advice deterred, the space remains one where accountants can add value to their practice at a time of increased digitisation and automation, says one advisory group.