State of the Australian financial advice industry

Yep, lots of victims left out in the cold:

According to the Financial Ombudsman Service (FOS), more than $15 million worth of compensation applications should be paid to victims but the organisations have either gone belly up or their professional indemnity insurance doesn’t cover the payouts. It means hundreds, possibly thousands of customers are left out in the cold.

Hello? What about those who¬†don’t even qualify to use the FOS?? You know, like overseas investors who invested in a what-turned-out-to-be-an-essentially-unregulated fund?


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