I must say I was taken aback by your responses.
While many of you have directly or indirectly spoken out about issues that affect the industry, the strength of opinion was passionate to say the least.
Many of you criticised the very workings of industry associations, in particular the FPA and ASIC.
Some comments were heavy handed, others were respectful yet firm. The general consensus was that despite the flaws, the industry needs a regulator and a peak association.
An interesting point a number of industry players made was that while ASIC and the FPA are needed, there need to be clearer boundaries between the two.
Many of you have called on the FPA to make a definitive stand. You have asked for the association to all but forgo the consequences and speak out strongly when weeding out bad apples or other breaches of code of practice/ethics.
A number of you believe if the FPA was to become a louder voice of the industry, morale and confidence would begin to return.
Yet for others, the change for the FPA is a little simpler.
One reader suggests the FPA needs to turn its focus within, to put its head down and concentrate on promoting solid education and resources to its members.
Another reader claims the FPA represents too broad a church within the industry, stating it is time for individual advisers to be separately represented.
However, if you thought the FPA was hit hard, harsher comments were left for the corporate regulator.
It comes as little surprise many within the industry are still fuming about being caught in the tangled web of collapsed groups -Westpoint, Fincorp, ACR, Bridgepoint or more recently, Storm Financial.
Many readers have been left dumbfounded that the regulator has again let a financial services company through its net.
In the case of Storm Financial, one reader found it improbable ASIC did not pick up anything alarming from random file audits.
The reader suggests the regulator either missed it or they saw something but thought nothing of it.
However, if the regulator does change for the better, nothing can really be done, according to another reader.
There will always been unsavoury characters who will prey on the innocent, the reader said.
Thankyou to those who wrote in.
