ASIC concedes Hayne error on personal advice
The corporate regulator has told a government committee that intra-fund advice is regarded as personal advice, contrary to the views of commissioner Kenneth Hayne during the royal commission.
At a parliamentary joint committee on corporations and financial services hearing earlier this week, senator Andrew Bragg noted commissioner Hayne’s view of intra-fund advice as being:
“…the provision of advice that is not personal advice, to members of a particular fund about their interest in the fund, where the cost of the advice is charged collectively to members of the fund in accordance with the SIS Act.”
Read more at the ifa.