Hi, for the last 20 years the Macquarie Group have been widely hated by the Advice Profession for the failure of their own Structured Products and arrogance of their Executives.
This image has now dramatically changed with just one act which ASIC also deserves great credit for.
As we know, for the past 30 years Financial Advisers have been unfairly blamed for product failure where the other stakeholders including Trustees, Custodians, Auditors, Research Houses, the Institutions manufacturing/owning the product and the Regulators who allow the products onto the market all run for legal cover and point the finger at the Adviser.
This has now changed forever, it should be known as the MACQUARIE MOMENT [MM] where all stakeholders are held to account for their conduct. It is now time to place a levy across all Financial Products including Superannuation Funds to fund all Products failures and dispose of the highly discriminatory and legally questionably nature of the CSLR.
ASIC has done Consumers and the Advice Profession a great favour by applying pressure on Macquarie to stump up the cash, we now wait for the other stakeholders to put their collective hands up.
Regards.
Peter Johnston | Executive Director
Association of Independently Owned Financial Professionals
Suite 416, 480 Collins Street, Melbourne VIC 3000
P 1800 111 203, d 03 9863 7574, m 0418 857 621
www.aiofp.net.au | Download my business card
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