Ban unsolicited telephone super sales says AFA

5 September 2019
| By Mike |
image
image
expand image

The sale of superannuation products via unsolicited telephone contact should be banned alongside the sale of insurance products, according to the Association of Financial Advisers (AFA).

The AFA has used a submission to the Australian Securities and Investments Commission (ASIC) dealing with proposed new anti-hawking provisions to pointed out that the Royal Commission had proposed a ban on the unsolicited sale of both insurance and superannuation.

“We support these proposals,” the AFA submission said.

“More broadly, we believe that the acquisition of financial products should be on the basis of financial advice or otherwise be client-initiated.”

The submission said the AFA was also very aware of the risk of consumer detriment where the needs and circumstances of the client are not adequately considered.

“For this reason, we think that there should be broad restrictions on unsolicited telephone sales of financial products,” it said.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 8 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

1 day 22 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 3 hours ago