Here's another one trawled up from the bottom sludge.
Henderson Maxwell admits to quite a few wrongdoings in the following piece.
http://www.abc.net.au/news/2018-04-...-impersonated-client/9692844?section=business
My concern relates to both Maxwell and the Financial Planning Association.
For starters everyone in the industry knows that the granddaddy gold plated schemes like SASS, CSS and PSS
CANNOT BE BEATEN by any commercial or so-called "self managed" product.
The crunch line is this "
If Ms McKenna had followed the advice and transferred the funds to the SMSF, she would have forfeited $500,000 in a deferred retirement benefit payment from SASS."
Shifting a client from the guaranteed and indexed benefits of such schemes into a SMSF is incomprehensible to me. Anyone who knows anything about retirement benefit knows that.
Failure of the FPA the act in a timely manner against a firm found to impersonating a client to a SASS representative (without the client's consent) and in these circumstances is (to me ) beyond the pale. Advertising false qualifications should be enough to get permanently kicked out of any fair dinkum professional association.
Again, it is my view that successive federal governments created this huge monster due to poor underlying thinking. At this point we are only seeing the tip of the ice berg and when the deck of cards does eventually fall it will have nothing to do with instances of poor advice.
Other thoughts anyone?
