find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Claims legal overhaul needed for financial planners

Claims legal overhaul needed for financial planners

A new industry code for financial planners which scraps commissions in favour of transparent upfront fees does not go far enough, according to Alina Humphreys, senior associate at Maurice…

A new industry code for financial planners which scraps commissions in favour of transparent upfront fees does not go far enough, according to Alina Humphreys, senior associate at Maurice Blackburn.

Humphreys said a growing number of people had consulted the firm about "enormous financial losses by following the advice of a financial planner".

"What has become apparent is that there is a clear need to overhaul the current system, to ensure that buying financial products is separated from seeking financial advice," she said.

"The financial services industry has indicated that it acknowledges there is a need for greater transparency. The question that arises, though, is how can investors trust that this code will protect them, any more than previous codes?"

The introduction of the code by the Investment and Financial Services Association comes after the collapse of Storm Financial and Timbercorp.

A Financial Service Ombudsman Service report indicated that there had been a 117 per cent increase in complaints against financial advisers for the last six months of 2008 compared to the same period in the previous year.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Claims legal overhaul needed for financial planners
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Consultation
Oct 23 2017
Lawyers slam rushed consultation for SA repeat offenders bill
The Law Society of South Australia has expressed concern for a proposal to roll out new laws amendin...
IBA
Oct 23 2017
The pursuit of happiness in the law
A panel of legal experts have explored how to define success in the legal profession, and how lawyer...
Queensland University of Technology, ruby milestone
Oct 23 2017
Queensland law school reaches ruby milestone
Celebrating 40 years since establishing a law course in 1977, the Queensland University of Technolog...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...