ASIC View Episode 16: Fees for no service report

Joanna Bird, Senior Executive Leader, Financial Advisers joins the podcast to discuss ASIC's recent Report 499 - Financial Advice: fees for no service.

The report provides an update on ASIC's work to address financial institutions' and advisers' systemic failures, over a number of years, to provide ongoing advice services to customers who paid fees to receive those services. The report summarises ASIC's work to ensure customers are fairly compensated. The report is part of ASIC's Wealth Management Project, which is focusing on the conduct of the largest financial advice firms, including the advice arms of AMP, ANZ, CBA, NAB and Westpac groups.

 

The report is available for download here, while you can read ASIC's media release on the topic here.

 

ASIC's MoneySmart website has updated information on how much financial advice costs and what to expect from a financial adviser. 

 

Read the transcript