AUSTRALIA - A Tasmanian man has appeared in court charged with four counts of failing to provide a statement of advice before "switching" his clients' superannuation funds.
The action is part of the Australian Securities and Investments Commission’s (ASIC) “super switching” campaign, announced in December last year.
ASIC alleges that, during the period between September 13 2004 and October 21 2004, Brendan Moore failed to give a statement of advice to four clients within the time frame required under the Corporations Act 2001.
“ASIC will be acting to ensure that consumers are provided with appropriate disclosures about the implications of switching superannuation funds,” said Jan Redfern, executive director of enforcement.
“We will be vigilant in monitoring financial services providers, and will take action if they fail to meet their significant obligations under the law.”
Moore, who has been an authorised representative of Financial Services Partners since October 2003, has been bailed to reappear at the Hobart Magistrates Court on June 8.
ASIC’s “super switching” campaign monitors the advice and disclosure provided by financial services representatives. Generally, advisers must give a written statement of advice before implementing the advice to ensure consumers are fully informed.
Jonathan Stapleton asks whether newly-accredited professional trustees should be a statutory fixture on pension scheme boards.
Savers are being warned by the Insolvency Service to guard their pension pots from investment scammers and negligent trustees as it winds up 24 companies.
Respondents say they should only be required in certain situations as the system is not broken.