Dodds: Regulators 'attack on integrity'
IFA chief executive Fred Dodds and PAA chief executive Rod Severn said recent negative coverage of the industry, including the FMA’s report into churn, its report on soft commissions, coverage of poor Australian advice practices and some of the commentary emerging in discussions about the new code of conduct and law changes, were at risk of suffocating the good work that advisers did.
“The majority of advisers do add value,” Dodds said.
“Aspersions on soft-dollar commissions and replacement business are seen as an attack on the reputation and integrity of all advisers. That’s not fair.”
He pointed to the handful of cases that had appeared before the FADC as evidence of a low level of poor behaviour. “And only 24 advisers were identified in the replacement business report – none went to jail. Let’s put the numbers into context.
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