Ten years on from when the regulator first called for the removal of bad apples from the financial planning industry, there’s been not enough progress.
It was a decade ago that the regulator, the Australian Securities and Investments Commission, first called on employers to conduct reference checking on planners before they employed them.
How better protected would have been the clients of financial planners if the biggest employers of planners had acted way back then, we will never know.
In 2007, ASIC even launched a handbook with a reference-checking framework to be used by employers. It has repeatedly warned employers that they need “robust recruitment processes” ever since.
It is not a panacea of the problems that have cost hundreds o…
Read the full article at: http://www.theherald.com.au/story/4546366/call-to-remove-bad-apple-planners/?cs=2373
