123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> General >> View Article

‘general Advice’ Confusion Is Profitable From A Banks Perspective.

Profile Picture
By Author: Paul
Total Articles: 31
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

According to the watchdog, general advice fails to take into account the consumer’s personal situation, while personal advice from a licensed financial adviser must.

An individual giving general advice does not have to be well trained nor hold qualifications and has no obligations but to promote the product that they work for.

Institutions are free to sell their products, but the concern is under the “guise of advice” that they are selling them through.

ASIC looked at a number of cases of personal versus general advice for financial planning Melbourne and found some concerning results for high profile banks including Westpac related superannuation accounts.

The commission alleges that during a series of telephone campaigns between Jan 2013 and Sept 2016, Westpac Securities Administration Limited (WSAL) and BT Funds Management Limited (BTFM) provided advice on personal financial products.
These included recommendations being made for customers to move out of their other superannuation funds into Westpac-related superannuation accounts.

WSAL and BTFM are not actually permitted to provide personal financial product advice under their Australian Financial Services License (AFSL).

Although ASIC cannot change the law, cases such as these will let institutions know they cannot cross the line. Westpac maintains its determination to fight ASIC’s interpretation of what “general vs. personal advice” is. The real risk lays in the risk to consumers when they do not know how to distinguish if they are receiving financial advice or just product information.

Sometimes in a one-on-one conversation, general advice warnings don’t not stop someone from straying into personal advice, and most of the time the person having the conversation will likely consider that they are receiving personal advice.

Total Views: 116Word Count: 267See All articles From Author

Add Comment

General Articles

1. How To Immigrate To Australia In Less Time With The Visa Subclass 491
Author: Neha Dixit

2. The Theoretical Framework And Empirical Framework In Dissertation Research
Author: Jacob

3. Attractive Features To Incorporate During Uber For Babysitter App Development
Author: Angelina Jo

4. International Youth Day - A Celebration To Encourage Tomorrow’s Thinkers
Author: Akshaya Patra

5. Various Ways The Covid-19 Has Impacted The World Around
Author: Alexander Ethan

6. Buy Protective Back Cover Online At A Minimal Price
Author: Digi singh

7. How To Expand Your Business In Times Of Covid-19
Author: EMedStore Global Pharma IT Company

8. Complete Your Carbide End Mill Set At Online Carbide
Author: Geoffrey Less

9. Tips For Using Spot Drills And Carbide Drill Bits
Author: Geoffrey Less

10. The Toppers Tips To Crack Sbi Po Exam Diaries
Author: rahul

11. The Best Side Of Sbi Online Result 2019
Author: rahul

12. When To Insure Musical Instruments And How Beneficial It Is?
Author: joseph white

13. Smart Glass Market Size Report, Share Outlook, Industry Growth, Revenue, And Growth Forecast To 2
Author: Fortunebusinessinsights

14. Thread Mill Pipe Threads With Carbide Cutters
Author: Geoffrey Less

15. Carbide Thread Mills For Npt, Nptf, Un, And Metric Threads
Author: Geoffrey Less

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: