Don't quote me on the actually numbers phillip_k but a recent review of Statement's of Financial Advice by myestery shoppers found that only 2 out of 60 where up to scratch. That says one thing. The AFSL system has failed. Spectacularly. But does that stop ASIC promoting it's AFSL product? Nup.
According to ASIC: "When we assess a licence application we consider whether the applicant: is competent carry on the kind of financial services business specified in the application."
No. They don't.
See if you can find a professional regulatory body in this country that is as casual and reckless with it's use of the word "competent" as ASIC.
Would you trust yourself to being injected by chemicals by an anesthesiologist who has passed all his exams but who's real world application of his skills haven't been scrutinised by experienced peers before being let loose on the Australian public.
OCV
octaviar limited
