Australia’s financial services authority, the Australian Securities and Investment Commission (ASIC), has established a Financial Advisers Consultative Committee (FACC) which to improve the existing industry engagement with the authority body, the regulator said. The committee will supplement ASIC’s work by helping it to identify, assess and respond to emerging trends in the financial advice industry. It will also contribute to the regulator’s understanding of issues in the financial advice industry. The regulator had trouble understanding these things before?
Definitely. Remember, Financial Advisers have an IQ prerequisite in Australia - score above the set level, and you lose your licence. If you fail as a trader, you can always become a financial adviser. If that doesn't work out, there's mortgage broking or hairdressing to fall back on.