Almost half of financial advisers have no confidence at all in ASIC’s ability to monitor and prevent malpractice and financial product collapses, new research by CoreData on the Ripoll Inquiry has revealed.

Four out of five respondents (79.4%) feel advisers are being unfairly targeted, and more than half (57.5%) expect their professional indemnity insurance premiums to increase if the recommendations are adopted.

The research was conducted on Wednesday and Thursday, November 25 and 26 by Sydney-based independent research group CoreData and included 236 advisers, predominantly financial planners and practice principals.

Almost two thirds of respondents (64.3%) disagree that payments from product manufacturers to financial advisers should be ceased and three quarters (76.8%) do not agree that conflicts of interest will be stamped out if the recommendations are adopted.
Full Story