Senate hopeful Subiaco Councillor Julie Matheson said she is very concerned about the name calling in her profession. As a Certified Financial Planner (CFP) over the past 30 years “I’ve been called lots of names by the Government and the Australian Securities and Investment Commission (ASIC). Names like Dealer’s Representative, Proper Authority Holder, Responsible Officer, and Representative.”
“The latest name for my profession is Authorised Representative. Being called an Authorised Representative of a flawed AFSL system, is problematic and confusing for everyone, including elected members of parliament and the media”, she said.
The current licensing system does not distinguish between a person selling licensee products (usually bank or union owned) and a CFP giving independent strategic advice. They are both called Authorised Representatives by ASIC, which confuses the public and trust is lost in the profession.
ASIC claims its role is to “promote confident and informed participation by investors and consumers in the financial system“. Julie says “ASIC has failed in this role because the general public are not informed or confident in the name Authorised Representative”.
This name calling is part of a flawed financial services licensing system which controls more than $2 trillion dollars in Superannuation savings. The system allows the mis-selling of products to go unchecked until a whistle-blower shows up or enough people have been affected to cause an inquiry.
However, to make the necessary inroads into this issue, we all need the INDEPENDENT ADVANTAGE.
Electing Independents to the Senate makes a significant difference to Australia’s legislation and policy. Readers of this post may be interested to learn that Western Australia has not had the INDEPENDENT ADVANTAGE in the Senate for 40 years?
The last time was in 1974 when Syd Negus, a builder and carpenter, gave us the INDEPENDENT ADVANTAGE and abolished Death Taxes.
This election the INDEPENDENT ADVANTAGE is me. I understand the licensing and superannuation system. I will hold Canberra to account to remove the flaws and protect people’s investment in the $2 Trillion dollars superannuation nest egg.
To elect me Western Australian must vote for me below the line, on the far right of the ballot paper and vote 1 Julie Matheson, then 2 to 12 for the others.
Independent for Western Australia in the Senate