Why all the 'not advice' comments in posts?

Discussion in 'PropertyChat Community & Website' started by Joynz, 22nd Mar, 2017.

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  1. Simon Hampel

    Simon Hampel Founder Staff Member

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    It takes a lot more effort to be concise while still covering the salient points! :p
     
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  2. Greyghost

    Greyghost Well-Known Member

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    Why bother to make this thread?

    Maybe find more constructive thread to create?

    - Not Advice
     
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  3. Greyghost

    Greyghost Well-Known Member

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    Just as long as PC has been a substitute for non educational leisure time - Facebook, Instagram etc.. then all good
     
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  4. bob shovel

    bob shovel Well-Known Member

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    Hmmm he's not a business member but he appears to be spruiking something:D
     
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  5. kierank

    kierank Well-Known Member

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    Is that advice?
     
  6. Joynz

    Joynz Well-Known Member

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    I started this thread because I had a genuine question.
     
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  7. Greyghost

    Greyghost Well-Known Member

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    Very probing and life changing question indeed
     
  8. Simon Hampel

    Simon Hampel Founder Staff Member

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    Actually, the question of advice is a completely valid one and as you hopefully see from my detailed response earlier in the thread - its actually a real issue that we have to be aware of since there are potential legal/compliance implications.
     
  9. big max

    big max Well-Known Member

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    All rather rediculous in my view. No one here is paying for advice. And people should be smart enough to carefully consider and be skeptical and cautious of anything they resd online. Having said that, I'm happy proud to stand behind and advice I give.
     
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  10. Greyghost

    Greyghost Well-Known Member

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    Maybe for business members

    I love when Simon follows me around threads telling me off.. usually valid though!
     
  11. Simon Hampel

    Simon Hampel Founder Staff Member

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    The problem is that you don't actually need to have paid for it for people to consider advice given.

    The real issue is in defining what the term "advice" actually means and to the majority of people it only means something in a generic form (which could also encompass "opinion" and "education" in the same sentiment), whereas there are a subset of people (specifically financial advisers) who are licensed to give something which regulators call "financial advice" and which has very specific meaning and rules associated with it.

    So when asking the question about advice - we really need to first establish the context - are we talking actual financial advice, or something different? We use the term advice to mean things other than specific financial advice and in that context, we all scoff at suggestions that there is a legal or compliance obligation to go along with what was said - especially for most of our members who are just regular people chatting online.

    But there is a point at which it can be argued that what is being discussed crosses the line and becomes actual financial advice - especially when someone is known to be a licensed financial adviser. Is what they write advice even though it's not being paid for? Is anyone liable if someone chooses to act on what they read? Should they be?

    As ridiculous as we claim it to be (and FWIW, I largely agree), unfortunately our regulators are tasked with the job of protecting the idiots innocents from making poor financial decisions - every time a bunch of people lose money, the regulators are blamed for not protecting them - and thus impose rules as to what is considered acceptable, regardless of whether the rest of us think it sensible or not.
     
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  12. Simon Hampel

    Simon Hampel Founder Staff Member

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    Yes, and it is largely those who are likely to have the "no advice" disclaimers originally mentioned.

    Just blame the "new posts" search for that - I just respond to updated threads. Not stalking you. Much. :p
     
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  13. big max

    big max Well-Known Member

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    Yes I know I know. Here's a thought - have you considered putting a disclaimer or rules of engagement etc for all users of the site along the lines of nothing here should be considered professional advise and check with your local professional etc (also to help protect you as the owner for responsibility of any content?)

    And here's another thought. When considring requirements of local professional bodies and/or potential liability etc to what extent can you give what in practice really amounts to advice but which you then state "is not advice". I mean if I were to sell you drugs buy then add "oh but these are not drugs" it's doesn't change the fact that they are drugs...
     
  14. Ted Varrick

    Ted Varrick Well-Known Member

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    Listen, all you innocents (Disclaimer: I'm not sure how @Simon Hampel put a line through the word "idiots" in his recent post, it must have been through some special Admin/Belieber mode...) turn off your computer and GET OUT AND PLAY!!

    But when you come back make sure your homepage is PChat...as there will be more posts for you to catch up on...and then you don't need to blame regulators, banks, pollies, yesterday's gurus, taxi drivers, old school friends, and/or relatives for your varying and/or numerous stuff ups... and you can learn something on the way to Nirvana, the next property hotspot.
     
  15. Ross Forrester

    Ross Forrester Well-Known Member

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    If I give advice, and put my family home and a lifetime of reputation at risk, I would like to be paid for it.

    Is that selfish?
     
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  16. Greyghost

    Greyghost Well-Known Member

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    I know.. I wasn't under any illusions that my content was more worthy of following than others haha
     
  17. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    But does the inclusion of the words 'not advice' have any legal effect?
     
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  18. WattleIdo

    WattleIdo midas touch

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    Howz about thugs?
     
    Last edited: 23rd Mar, 2017
  19. Simon Hampel

    Simon Hampel Founder Staff Member

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    Who knows - but ASIC do mention in their guides that visitors to websites should be instructed that what they read is not advice.

    Indeed one of their early papers suggested that a disclaimer at the bottom of the page was insufficient to notify readers and that even anonymous visitors (ie non-members) should be prevented from viewing any content until after they have read and agreed to terms and conditions which make it clear about the matter.

    The fact that almost nobody ever reads those terms and conditions anyway and that it would effectively destroy a website if it was to be hidden behind a "T&C wall" ... and I think asserting that some random viewer who isn't even signed up to a website acting on things they read online as it if was personalised and appropriate for them constitutes inappropriate advice - is completely ridiculous.

    Also the fact that the media is largely exempt from these rules - even though they often publish exactly the same content that gets posted here (albeit without the discussion) I think makes the whole matter just a bit silly.

    It's much more of an issue where there is actual discussion and engagement occurring and it may be misconstrued that what is written is personalised advice - which is where the disclaimers on posts do come into it and where I feel there is an element of risk that we must be mindful of.
     
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  20. bob shovel

    bob shovel Well-Known Member

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    Perhaps we are better to include the word advise rather than advice

    Advise
    To give an opinion or recommend a plan or course of action; to give notice; to encourage:))), inform, or acquaint.

    ad•vice
    1. an opinion or recommendation offered as a guide to action, conduct, etc.: I acted on your advice.
    2. a communication, esp. from a distance, containing information:
    3. an official notification.
     
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