THE Australian Small Business and Family Enterprise Ombudsman, Kate Carnell wants to hear from small and family enterprises being exited from financial planning businesses.
“Following recent media reports regarding AMP Financial Planning’s restructure of its business, my office has received dozens of requests for assistance from small business financial planners across a number of licensors, many of whom say they are facing financial ruin,” Ms Carnell said.
“Small business owners are reporting that they are bearing the brunt of brutal restructures by their licensors. They are saying that licensors’ handling of matters has not been transparent or equitable."
The Ombudsman wants to hear from financial planning licensees who feel that their treatment is unfair.
“We’re concerned about a number of behaviours that may include the conduct of lookback audits, financial planning licensors shifting responsibility for client compensation payments to licencees, short notice periods provided to licencees exiting the business and restraint of trade provisions," Ms Carnell said.