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. ...

11 months ago
Kevin Gorman

Super director remuneration ...

11 months 1 week 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 ...

11 months 1 week ago

Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Co...

1 day 19 hours ago

Demand from institutional investors was the main driver of growth in Australia’s responsible investment (RI) market in 2023, as the industry continued to gain momentum....

1 day 19 hours ago

In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges....

1 day 20 hours ago