Comment of the Week goes to....

by |

This week’s comment of the week goes to Matthew Lock, who posted on this week’s article relating to FDS requirements.

Lock’s comment showed a bit of humour along with some research on his behalf:

"Crises...What Crisis" I hear you say...all this legislation isnt neccessary...everything is fine!
21 Aug A former authorised representative of non-aligned AFSL WealthSure has pleaded guilty to 22 counts of using a false instrument…
16 Aug A former Queensland-based authorised representative of Lionsgate Financial Group has been permanently banned….
16 Aug The Financial Ombudsman Service has castigated Chambers Investment Planners for inadequate advice and risk profiling…
13 Aug The Federal Court of Australia has upheld the Australian Securities and Investments Commission’s (ASIC’s) appeal of Macquarie Bank’s $82.5 million settlement with former Storm Financial investors.
09 Aug A Victorian insurance broker has been sentenced to 18 months in jail after stealing more than $662,000 from clients…
05 Aug A Perth-based insurance broker has been permanently banned after misleading behaviour that put a client at risk…
05 Aug A former Sydney-based mortgage and finance broker has pleaded guilty to six charges of making false statements…
02 Aug A $3.5 billion fund manager and investment adviser has entered administration, with Ferrier Hodgson appointed…
01 Aug An Australian Securities and Investments Commission report has found many mid-tier licensees are not checking the credentials….
31 Jul ASIC has cancelled the Australian Financial Services Licence of a Perth-based securities dealer and financial adviser for….

Thanks to everyone who contributed comments over the last seven days and keep an eye out next Friday to see if you're the author of Wealth Professional's next top 'Comment of the Week'!

More commented stories:

Scaled advice: Clients won’t pay

The pros and cons of being an AR

Adviser banned for inappropriate advice

  • James Smith on 28/08/2013 4:29:02 PM

    Given the absence of a response to the concerns raised by the intent of Mathew Lock's comments and the disappointment that his slander of our industry was seen to be humorous and voted comment of the week I did my own research on Mr Lock. It turns out that he is the MD of CARM who has presented a paper to ASIC proposing that regulations be changed to enable 'advice' to be provided directly to the mass market ( ie bypassing advisers ) via a technological platform that funnily enough he is promoting. It is pretty clear then that he has a vested interest in putting down our advice industry. It is a shame that Wealth Professional did not do their homework - or perhaps they have an interest in his business ?

  • Michael on 23/08/2013 5:54:47 PM

    Matthew, you're right in that there are bad people out there, and they need to be prevented. But the legislation is not stopping it. This legislative environment does not assist with that aim - it detracts from it because it sucks up huge resources that could be better directed at targetted pro-active supervision, monitoring and prevention.
    It is badly designed, over complicated with legacy requirements that duplicate our obligations, and it is badly targetted. It misses the point.
    I am disappointed that Matthew's ill informed, thoughtless and counter-productive comment should be recognised as the 'Comment of the week'.

  • James Smith on 23/08/2013 5:18:24 PM

    Humour ?
    Listing criminal breaches where peoples lives have been adversely affected.
    Please explain ??

  • GAB on 23/08/2013 10:45:26 AM

    That is not humour.....that is a perverse portrayal of an industry that in the majority of cases does a good job but some participants tend to focus on the bad news and think more legislation is the answer.

WP forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Name (required)
Comment (required)
By submitting, I agree to the Terms & Conditions