Business Services Industry
Report puts industry on the defensive.
Australasian Business Intelligence, February, 2003
Feb 12, 2003 (Money Management - ABIX via COMTEX)
A new survey has created a rift between the financial planning industry and those representing their consumers. Research by the Australian Securities and Investments Commission (ASIC) and the Australian Consumers' Association (ACA) was released in early February 2003. It suggested the industry was in urgent need of reform, with many consumers receiving sub-standard advice and recommendations. Ken Breakspear, CEO of the Financial Planning Association, said the ACA had coloured its report with unsubstantiated claims. One key issue was the large deduction of points for those planners that failed to provide an Advisory Service Guide. Breakspear said this was not a "critical error" but Louise Sylvan, of the ACA, said...
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