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29 March 2019 (AFR) – Consumers confused over financial advice: ASIC

[COMMENT: This is a very interesting article. When we stop and think about it, it’s no wonder that general consumers are confused about the terminology in this field. the regulators have put this wording in place without taking enough time and care to make sure that consumers understand it.]

(29 March 2019, AFR, p20, James Eyers)

‘The corporate regulator has uncovered widespread confusion among consumers about the classifications of “general” and “personal” advice, which could become problematic for the major banks as they exit their wealth operations because attempts to sell products under a “general advice” label could be misleading to customers. “Personal advice” takes into account a consumer’s personal circumstances, such as their financial situation, objectives and needs. In contrast, “general advice” is not tailored to…’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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