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Investors’ vigilance urged following rise in faux advisers
Investors’ vigilance urged following rise in faux advisers 22 February 2023 Matthew Hughes Investors’ vigilance urged following rise in faux advisers An industry heavyweight is calling for investors to conduct due diligence to ensure they aren’t enlisting the services of illegal property advisers. Nicola McDougall, chair of the Property Investment Professionals of Australia (PIPA), explained Australia’s recent property market boom has flooded the industry with a marked increase in inexperienced and untrained “faux” advisers.” “Unfortunately, during market booms, we do always see an influx of new entrants into the property investment advice space — many of whom are simply chasing a quick buck given there is no national regulation in our sector,” she said. She revealed practitioners are falsely advertising specialist advice training they’ve completed or wrongly proclaiming to be members of industry associations such as PIPA in an attempt to “legitimise their businesses or falsely improve their education achievements by claiming they are members or QPIAs.” Ms McDougall explained: “PIPA instructs these people to remove these references immediately.” Her reasoning for this declaration w
An industry heavyweight is calling for investors to conduct due diligence to ensure they aren’t enlisting the services of illegal property advisers.Nicola McDougall, chair of the Property Investment Professionals of Australia (PIPA), explained Australia’s recent property market boom has flooded the industry with a marked increase in inexperienced and untrained “faux” advisers.”