ASIC has released an update on its investigation into the largest vertically integrated financial advice providers, finding they had charged advice fees to clients without providing advice.
In January, the corporate regulator revealed it has tasked two regulatory teams with investigating the six largest financial advice providers, on the lookout for mi-selling and advice failures.
Today ASIC has released an update indicating the investigation has found “multiple instances of licensees charging clients for financial advice, including annual advice reviews, where the advice was not provided”.
“Most of the fees have been charged as part of a client's service agreement with their financial adviser,” the statement revealed.
ASIC deputy chair Peter Kell said the investigation is ongoing and enforcement actions will be considered.
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