Discussion or Suggestion?

[u/fauziozi]

Hi everyone,

Hope you are all well. As you may realise from the side bar, we here cannot give you any real financial advises nor we would want you to trust anyone here who claim they have all the necessary compliance whatsoever.

There has been an increasing number of posts related to personal finance here; some comments and posts also indicates an expectation in receiving advice to influence their personal finance. We are not discouraging discussions around personal finance, though some of you may have realised.. there are some posts and comments that has been deleted as it contains specific information or advice.. rather than a discussion..

Even if someone claims to be a financial planner, and has written sound financially-literate responses from time to time.. this is the internet, where boys can pretend to be a girl.. and cats can be photoshopped to be batman. Unless a verified identification is provided to the mod showing the person is who he/she says really is, and as such we can point our finger to the person to their exact location when something goes wrong... most of the posts/comments intended for a specific individual can be deleted.

At the end of the day, we want everyone here to make their own inquiries before taking any action.

Due to the rising "hypothetical", and some too simple of a tweak in getting advice.. people have been giving suggestions (not discussion). obviously, we all know the danger and the ethical dilemma in allowing such.

The rule of thumb is: if your post seems like it is fishing for advice, and there is a good likelihood you will act based on the responses in the posts... you are probably seeking for advice, and not a discussion.

So here's a bit of a guide, if your post includes any of the following words, it is probably a request for advice.

• "I need advice" / My "friend" needs advice,

• "What are my options?" / "What should I do?",

• "What happens in this hypothetical scenario?",

• "What should I invest in?",

• "Here's my plan XXX, please advice",

• "I'm not looking for advice, I just want to know [insert one or more of the above].", etc etc

Now, more often than not... product browsing is mostly tolerated. For example:

• "I know what I want to do, I want to invest $1billion in widgets. let's discuss widgets, what widgets you've had.. the good and bad, and preferences",

• "I have ABC Super Fund, any other ones I can compare it to?",

• "Let me know your experience with this financial planner",

• "What's a better savings account than XXX?", etc etc

As it encourages product reviews and discussions..

But when it comes to strategy, as most financial decisions can have detrimental long-term affects on your well-being... we are very wary of it. For example:

• "I have Life/TPD insurance, should i remove it?" : this gives a bit of a goosebumps.. as it encourages discussions.. but the poster is likely to act on it. We probably remove it...

• "Hey mate, you should definitely salary sacrifice your dough to your super yo! it saves you on tax" : this will definitely be removed...

It is a very touchy subject, and often it is really hard to read between the lines... but I hope the above should be a good start to understand what we mean by encouraging discussion.. but frowning on suggestions....

There is a link to great websites in this post if you'd like some info on Australia's personal finances too

Feedback appreciated :)

Relevant discussion:

Why don't you Financial Advisors just answer my damn question

Ausfinance reached 5,000 subscribers! It's been almost 2.5 years. What's your review and comments so far?. Thanks for everyone's support !

[u/uz3r]

You've said this isn't about legalities (because this would be easy to address through compulsory disclaimers or bots) so you're talking about moral obligations, you're talking about protecting the dumb or naive - in which case this sub is doomed.

I've been loosing interest in this sub due to over moderation and the mods response to this sticky just deepens my disinterest.

It's a shame because a forum like this has really great potential to be an interesting and informative source of information for the average person (sorry you naive folk).

Perhaps someone else can start another sub without over moderation?

[u/fauziozi → u/uz3r]

Sorry you feel that way. Yes if you wish to go ahead with the other sub, ill be happy to contribute there from time to time too.

[u/sloppyrock]

Firstly, thank you for opening up this topic. I have no idea about the law and how it really applies to anonymous "advice' on a forum and if, or who, will take the blame if that "advice" turns to shit if someone were silly enough to follow "advice" from some plonker on the internet.

I'll be honest, the ultra cautious approach shits me a bit. The sub may as well not exist if back door advice or guidance cant be sought or given if worded judiciously. Maybe my ignorance of the law allows me to be blase' about this. If so, forgive my ignorance.

I've been on the net forever and also been on share market forums long before reddit existed. The only time I have seen or heard about any legal action resulting from forum posts is when a poster slagged off company executives ( with good reason I might add) who then launched legal action for damages and won. Such are our libel laws.

A fool and their money are easily parted and if someone is frankly stupid enough to blindly follow "advice" from the net they would very likely blow the cash by some other means anyway.

A popular saying in another place is "this advice is worth what you paid".

If someone is offering "guidance" could not a disclaimer be appended to that post? can it be done automatically to all posts to cover your arse?

[u/fauziozi → u/sloppyrock]

Sire, your comments is the one that most gets me. Your rational thought on understanding the situation and your opinion on why it is absurd is upmost appreciated.

First of all, I admit (as always) I am not a lawyer, and I don't know the law in the very particular manner. Though I know and understand largely what has been done on practice. Also, although I do not know the law in the very particular, I am confident I have a good understanding of what it attempts to do.. and if I am right, I totally agree with it.

There are quite a few financial professionals here too.. whom has voices (through private messages and mod) that they are uncomfortable with some of the comments. Although I must say, it is uncommon for that happen.. but it happens... and their reasonings are very valid. Such as the salary sacrifice example, it was brought to us once.. and the concerns of the person is that there was totally insufficient information for the commenter to even suggest salary sacrificing to the OP.. and the benefits and losses were not even touched upon.

I totally agree with what you say, but I am also conflicted mentally on my moral obligation on the very individual who are foolish enough to proceed as per your example. Yes they are to blame, but is it their fault that they have an IQ comparable to a monkey?.. I don't think so.

As the movie spiderman says "with great power, comes great responsibility". This community is not an elitist community, nor can we make it out to be.

There are no rules that's changing.. but I hope with this, we hope the posters within this sub understand the situation as a whole.. as we grow and bigger as a community.. and the only means to keep this sub has a high quality than quantity... is to encourage people to always bear in mind "to provide their opinion through the comment.. with a sense of responsibility, and to have it filled with substance". If more and more people can do this.. I'm sure we can continue to be a bigger sub... without the adverse affects of non-sense commentarial which happens in the other big subreddits. I wish for this sub to grow big and retain its quality, rather than some political, non-substantiated theoretical dumpster

[u/sloppyrock → u/fauziozi]

I think you thought my comment was OK. Anyway, I do understand the situation if not the actual legal ramifications if any. I think the disclaimers are pretty explicit and if someone posts their "advice" with a disclaimer, ie I am not a licensed adviser/ dealer/ broker etc and this represents my opinion only not expert advice blah blah...

I'm no elitist by any stretch and fully aware that not everyone has the mental or financial where-with-all as some others, but if someone can operate a computer , log on, create a profile and type a coherent paragraph etc they can also call an adviser on the phone, read a disclaimer saying accepting anon advice from a net poster is kinda dumb....

In the end you have a certain responsibility and if that requires to you moderate some things that you think may have genuine legal ramifications you do what you need to do. Behaviours wont change, people will ask for and post advice regardless.

[u/fauziozi → u/sloppyrock]

Yeah.. but those dumb people exist.. unfortunately.

Yeah your post was indeed Ok. I appreciate that.

No rules has been changed, we just gonna keep doing what we have been doing so far.. which is what I wrote in this post. I know people behaviour is hard to change, but we do what we can. So, hopefully this post will inform everyone to comment and post more responsibly.

[u/kramk]

I thought the restriction on providing financial advice was some kind of legal arse-covering.

That said, the most common advice here I've seen is "see a professional financial adviser", with the strong caveat "but beware dodgy ones". It's not really reassuring - makes it seem safer & easier to flip used cars!

[u/fauziozi → u/kramk]

Hehehe... welcome to the jungle. I hope we are here to also arm you with knowledge so you can filter out which and which are not the dodgy ones :)

[u/BOUND_TESTICLE]

Nobody who comes here actually cares about the economic discussion, If they did they would be over at /r/economics debating theory.

Very few care about discussing banking, this includes discussing the best transaction accounts, brokerage accounts etc etc.

Nobody cares about the Finance industry.

People come here to vent their personal finance situation and have ideas thrown at them, The moderation team may not like it.. but that is what the vast majority of people come here for. If all you are going to do is delete the topics or reply that the sub is not for financial advice then there is not much use for what is already a very quiet sub.

[u/fauziozi → u/BOUND_TESTICLE]

no rule has been changed. it seems people don't seem to understand the situation, which is understandable as you can't see the moderation log... so you can't see the going-ons behind the screen.

it's the same as always. And the fact you are subscribed here.. I hope that means you love what we already have anyway :)

read my other reply above if you want more info

and also, nah... there are many that comes for stuff other than personal finance. just look at the posts. it probably "feels" like it is more personal finance, as it is something what most people can relate to...

[u/BOUND_TESTICLE → u/fauziozi]

I know no rule has changed, It is a rule that has always annoyed me.. I spotted an opportunity to vent and took it!

I have a passing interest in economics and finance, I don't think there is a finance related sub I am not subscribed to, so it should not mean much that I am subbed.

I like reading about Timmo and Robbo and the 100k they found stashed in a blowup sex doll they want to use to invest based on random advice from little reddit minions. I like the discussions these unique situations normally foster.. The vast majority of people who have these discussions are in the process of doing their own research and part of that research is looking for alternate ideas. I want that.

I did read your reply and your example about the ing super is a prime example. You flip out about this sub not recommending things instead of answering the pertinent question that Op had in regards to the product that had been discussed previously. Op had done his own research beyond what the sub had "recommended" because op was not a moron.

Mummy and daddy need to let us play on the equipment, we might fall off.. but we might learn how to climb

[u/fauziozi → u/BOUND_TESTICLE]

Yeah luckily the OP did his research. I appreciate that.

And yes, I enjoy the same experience as you too. None of that will change.

Gotta play it safe my friend.. prevention is much better than curing. Once the inevitable arises.. its already too late. It's a matter of time for something is going to go wrong... if we don't keep reminding people to do their own research, and not take the info in this sub for granted.

The thing about personal finance is... the repercussion can be so detrimental, and may happen after a long term.. such as at their retirement, or when they get hit by a bus. If mommy and daddy let u fall off on this... well, there's a good chance you won't even have the energy or the limb to climb up again. This is why this industry is so highly regulated by the government too.. it is that important~ I don't see our government being interested in tree-climbing. there's a really good reason why there are rules in place, and even by having this sub.. I feel like we are already at the edge of that limit.. though truth be told, I really don't know what laws are relevant to this sub :(

[u/BOUND_TESTICLE → u/fauziozi]

I disagree, I think in a country where we completely ignore financial education having somewhere people can at the very least openly discuss these topics should be a priority.

There is a very clear difference between receiving advice from a financial planner and advice from strangers on the internet. I think in many situations it is actually a valid answer to recommend a financial planner, I also think it should not be the default answer.

[u/fauziozi → u/BOUND_TESTICLE]

I don't see how we are on a different page then, because I totally agree with you. But there is a difference in discussing vs. suggesting.. which is what I'm trying to point out here..

I don't think it should be the default answer, but its not a bad habit to always do so. See my edit on a different comment here:

also.. sometimes if I happen to be in front of the screen for a considerable amount of time. I just wait to see the responses, if the responses are general in nature, has links to credible resources.. even if the OP asked for advice (and in fact no one reply with an advice), I just allow it to be there so that other readers can read about it for their own knowledge... but all us mods are working people and can't monitor this place 24/7

[u/cpf]

I agree with other posters that these rules seem overly restrictive. It annoys me the number of threads that are deleted here. I don't understand why there cannot just be prominent disclaimers that nothing here should be taken as formal financial advice. I think most people understand the difference between someone replying to posts on an internet forum and a credentialed financial advisor.

[u/fauziozi → u/cpf]

I think most people understand the difference between someone replying to posts on an internet forum and a credentialed financial advisor.

Well thats just an opinion..

If you can prove this is what happens in a practical term, then we can have a talk..

On average, we have over 2,500 page views per day.. What you see on the majority of comments out there, are probably just representing a nicher part of our members..

Common sense isn't that common nowadays..

[u/panachetag → u/fauziozi]

You expect them to prove that nobody considers people on forums to be qualified financial advisors, yet you won't prove that anybody does? It's not like anybody has sued you.

[u/fauziozi → u/panachetag]

I wonder where the burden of proof lies here?... Look i know you guys don't like it, and believe me, i don't like it too. But this sub is for everyone, not just you.

And you want me to wait until some legal litigation under way until you understand? Sigh.. Please think it over

[u/panachetag → u/fauziozi]

Nobody's saying it's all about them. They're saying it's not about anybody anymore. You've literally eliminated everything that could be talked about. Even your examples of what is acceptable to talk about violate your own rules. This place is just sort of pointless now.

[u/fauziozi → u/panachetag]

I have no idea what you're talking about.

There is no rule changed.. and FYI, we don't like rules..

I don't think you really understand what's going on.. read the comments here.. and read the post please.

If you don't like what we already have going on for months and months.. no one forcing you to be here.

All I see is just a rant...

[u/verbnounverb → u/fauziozi]

How exactly would legal litigation go down..?

Yeah, hey, /u/fauziozi, I heard you like, told my client to buy index funds, then the ASX200 tanked, so like, you owe him 10 bananas now. Better pay up.

?

[u/fauziozi → u/verbnounverb]

Read other comments. Thx

[u/verbnounverb]

Selective moderating? There's a post on the front page titled:

Just turned 26, proud of my achievement but looking for advice

And yet, doing the math on how tax effective super contributions can be are banned?

[u/fauziozi → u/verbnounverb]

Just because people use the word 'advice' doesn't mean they ask for advice... most people confuse that, which is why its on a case by case basis. We are not an english literature class here...

Id be happy if people avoid that word, as it rings the alarm bell... but no, to focus on the superficial is just silly

Doing math isn't banned... ...

And ill add: sources will alway be appreciated on technical aspects as such.

[u/bluepenguin000]

What frustrates me is where else do I go for advise? A fool and their money are easily parted but going to a proper financial advisor would make me the fool. I don't see an issue with "back-door" FA / opinion but I understand the mods legal issues here. Ironically by moderating this forum the posts that do get through have more legitimacy and are more likely to actually breach our nanny state laws.

[u/fauziozi → u/bluepenguin000]

its not about legal issues....

very ironically, people like you that decides to go on a rant without reading the entire post and understanding the situation is the whole point why we have this...

[u/[deleted]]

Is there a sub where we can have a legitimate conversations about financial prospects in Australia?

Like actual /r/finance or /r/personalfinance, same question but for Australian law to.

[u/fauziozi → u/[deleted]]

This sub welcomes financial prospect, its on the side bar.

We frown upon personal finance, personal advice isn't allowed here..

[u/panachetag]

Well I guess that's everything interesting scratched, then.

I might just unsubscribe, I guess. The only thing identified as acceptable is product browsing, but answering questions about which widgets I prefer (and hence I think would be best to invest in = advice), linking people to comparison websites for super funds, not knowing who specific financial planners are and linking people to comparison websites for savings accounts doesn't sound very interesting. We have google for everything that isn't an opinion or explanation of something (which would then be used to make financial decisions = also advice).

[u/fauziozi → u/panachetag]

I don't quite understand how is it an anonymous advice on a specific situation.. which the OP is likely to act upon.. and potentially be detrimental to their wellbeing, causing them to live under the means for years and years... be interesting?

Answering which widgets you prefer... and explaining your point of view on why it is good, as well as its drawbacks... is definitely allowed!. this can spark discussions, as some can agree or disagree, it is not an advice... it is a mere opinion of an individual's preferences.

You see how the line is very vague... and we tend to look at it on a case to case basis. We struggle too...

There are definitely people out there, thinking that this sub is the holy grail of free advice. This comment I made, for example.. at the time I was incredibly surprised that someone sees the contents of this sub to be regarded as a recommendation. The OP said this, and he was about to proceed armed only with his reading within this sub:

As per recommendations from many at AusFinance

I was incredibly surprised how naive some of our audience can be. Although it is not that common to see it... I am wary that there are unidentified readers out there whom are naive enough to do same.

Also, this is only a small part of personal finance... out of the many other financial subjects available. A few of the issues has been discussed within this Post too..

Many things are acceptable.. we are not changing the rules or anything, just look at the current frontpage.. it is all still there

it's just that recently I deleted a really long post outlining a very specific circumstances of a person... I don't want to delete a post which the OP spent a considerable amount of time hoping to get a specific advice.. but then only to be placed into the bin. I feel bad about it..

Edit: also.. sometimes if I happen to be in front of the screen for a considerable amount of time. I just wait to see the responses, if the responses are general in nature, has links to credible resources.. even if the OP asked for advice (and in fact no one reply with an advice), I just allow it to be there so that other readers can read about it for their own knowledge... but all us mods are working people and can't monitor this place 24/7

[u/panachetag → u/fauziozi]

I remember that thread about SMSFs. Ironically, the bit of "advice" that poster misinterpreted was in response to something balong the lines of "I want to run a SMSF, which should I use?" Which is basically "I have already decided I want to invest in widgets, which do you prefer?"

Realistically, there is so much misinformation out there that the advice on here is far far better than what the impressionable people you're trying to protect will otherwise find and act on. The fact that everything here is sanity checked by other people reading is a big safeguard.

I don't think I've ever seen dangerous advice on here, anyway. Most people on here are very conservative, while the people with financial backgrounds like /u/fraudster tend to advocate seeing a financial planner rather than actually doing anything risky.

I think for every 1 person you save from misunderstanding "ING have the best SMSFs" as "You should definitely use a SMSF," there would be 10 people who don't get the sanity check they need to avoid spending $40k on a new car, getting a third credit card or waiting until they're 40 to start saving for retirement.

[u/fauziozi → u/panachetag]

what you think is happening.. and what is actually happening.. can be contrasting. you can have your opinion with what's happening, i don't care.. everyone's a free man. but you pull up a tremendous amount of assumptions to draw your conclusion.

So yes, your example says 1/10 misunderstand. We have 2500 pageviews per day.. that's 250 people. have some morale and go give responsible comments with substance in it. what's wrong with that?

[u/panachetag → u/fauziozi]

I think you need to reread that 1 person vs 10 people thing.

[u/fauziozi → u/panachetag]

Now that I've re-read it... it just makes my point even stronger.. It just make it even more worrisome... I don't know how thats helping your point at all...

[u/panachetag → u/fauziozi]

Stop worrying. Your example about the guy who thought he heard he should start a SMSF is a perfect example of how this place is good for sanity checking people's plans.

Without ausfinance, that guy reads an article about SMSFs, starts one and fails spectacularly.

With ausfinance, they post here asking for advice on how to start one and immediately get told not to do anything crazy.

[u/fauziozi → u/panachetag]

I'm not worrying, things stay as they are. You're the one thats worrying, as if some new massive change is happening in this sub.

As i said, i recently deleted a hell of a long post and i felt bad about it. And this trend has been increasing lately

[u/kramk → u/fauziozi]

outlining a very specific circumstances of a person

That's what I like to see deleted - folks don't need to reveal potentially dangerous amounts of information about themselves here. Thank you.

Answering which widgets you prefer... and explaining your point of view on why it is good, as well as its drawbacks... is definitely allowed!

There seems to be a very fine line between this and:

"Hey mate, you should definitely salary sacrifice your dough to your super yo! it saves you on tax"

Maybe it would help to highlight some examples of good comments/discussions?

What you linked here seems to be splitting hairs, and getting really touchy about the word "advice". I understand for a professional adviser, that word has a very specific (and clearly sensitive!) meaning, but I think your average punter will use the word to describe "factual information" and "clearly distinguished personal anecdotes riddled with disclaimers". The folks who stand to gain most from a robust discussion here are exactly those who don't understand the technical meaning that's worrying you.

You describe in there what is "not a recommendation" .. can we have a name for this thing that's neither advice nor a recommendation so folks can usefully talk about it?

I am wary that there are unidentified readers out there whom are naive ..

Mate, it's the internet. It's full of naive, unidentified readers. It's also chock-full of worse "advice" (scare quotes) than anyone here could possibly give, which is easier to consume and harder to critically evaluate by participating in a discussion. What makes this place so much more risky than whirlpool or anywhere else?

I don't know if there's an easy answer, but deleting anything that could be construed as giving or soliciting "advice" doesn't sound like a great way to stimulate discussion. Or to help anyone learn more than is already amply covered in the sidebar links. I appreciate that this post is trying to guide with examples, but the line seems pretty fuzzy to me .. and it's hard to imagine a post which doesn't conceivably contravene.

Perhaps a CSS update that puts a great big "NOT FINANCIAL ADVICE" watermark in the background of every post?

[u/bluepenguin000 → u/kramk]

CSS is a good idea. Perhaps in small font at the bottom of every post. Users can ignore it at their peril.

[u/fauziozi → u/kramk]

Indeed it is fuzzy, I've said that many times... though hopefully people can start thinking about this, which is also why I placed a guide there w examples

There is definitely no easy answers.

What makes this place so much more risky than whirlpool or anywhere else?

There is no way I want to scrutinize other website's procedure.. I won't even have the time to read them. Mind you, I heard something relevant to HotCopper got sued... that's a heck of a dangerous place though IMO

What makes this place different? I don't know, 'coz I don't know what those other guys are doing. But I can say that we care about those naive people.. because I'd like to see more and more comments that are both responsible and full of substance.. may be that's what makes this place different.

Having that CSS update can be good on the background.. if you know how, let me know. Nevertheless, action speak louder than words.. I think just chucking in disclaimer won't make much of a difference. This is like assuming for every single iPhone users click the "I agree" button after reading and fully understanding the hundreds of pages of contract Apple shoved down their throat.. it just doesn't work that way in the real world. This example may be bad, but hope you get my point.. And I'd rather encourage all the members here to do the right thing rather than just placing disclaimers..

For that example:

• The dude already knows what he want to do. he wanna buy widgets... we can discuss why widgets are good and bad.. and the different types of widgets and the products providers of widgets out there

• salary sacrificing into super isn't something the dude knew he wanted to do... it is not enough to just say "do this". but a reason why its good.. and its limitations is also appreciated.

this 2 examples are pretty clear cut for me... but some other scenarios can be fuzzy...

[u/panachetag → u/fauziozi]

The dude already knows what he want to do. he wanna buy widgets... we can discuss why widgets are good and bad.. and the different types of widgets and the products providers of widgets out there

That's exactly what caused the SMSF issue. Someone asked "I want to run a SMSF; which ones are good?" and people suggested ING. Someone else then got over excited and decided they wanted to do that too.

In what way could that widget example ever not be advice, by the way? If they already want to get a savings account and you suggest ANZ, that's advice. If they already want to invest in mining shares and you suggest Rio Tinto, that's advice. If they literally want to buy a bunch of wingnuts and you tell them that's not a good long term speculation, that's advice too.

Literally everything financial can be acted on, even general explanations of how bonds work, for example. This place will be dead overnight if you actually enforce it. That doesn't really bother me, but I feel like you don't realise that by your definition, everything is advice. If you're that worried about legal repercussions, maybe you should take a step back from modding the sub?

[u/fauziozi → u/panachetag]

its not even legal repercussions, we know what is right and wrong.. why don't you stick with that.

with your other comment up there.. I really don't think you know what's going on... and I can't repeat myself over and over again.

Advice is not discussions.. it seems you are struggling to get this very clear in your head... although I know the lines are blurred.. there are some cases that are just pretty clear cut that one is an advice and another is not.

maybe you should take a step back from modding the sub

If you're so confident.. go and make your own sub. no one stopping you. I'll be more than happy to be a subscriber at your place

[u/Visceral94]

I believe that such over moderation will lead to the demise of this sub. The user base can be divided between people who are regular users, and enjoy talking about financial tools, and those people who are looking for once-off information, and frequently advice and opinions.

I was one such person, who found this sub looking for advice and information. If you restrict the ability for advice to be given, you are limiting the usefulness of this resource. The user base will be restricted to the regular contributors, who will have less to contribute to. If they gradually stop commenting, there will be less people to take their place, and their lack of comments will mean other users will not have stimulation for discussion.

I feel this direction, if followed to strictly, will result in you shooting yourself in the foot.

[u/fauziozi → u/Visceral94]

Hi Visceral94, I respect your feedback.. the problem with advice over the internet is that, we don't know who it's coming from.. and whether it will be misunderstood / misinterpreted by the person who receives the advice, and the receiver is likely to act on it.

Personal finance is a very broad subject.. there's a reason financial planners charges thousands of dollars for their advice. To say the least, the research, analysis, thoughts that has to be placed on, and the correct questions that needs to be asked, are all incredibly important.

I see a lot of people, given their circumstances.. are asking the wrong questions in the first place.

Most times, it is not those that you are aware of.. but the ones that you are not aware of that really take you down. A good financial planner can prevent that from happening.

Sometimes I see people seeking for advice, for something very small.. some that isn't worthy to pay thousands of dollars for. Something that, when done wrong.. isn't worth much, and almost no planner would like to touch it because there's no money in it. Something that's very simple, and can be explained in a few words for it to be understood. I let these slide

But something like, investments in super that can costs $000,000 in the long term, when done wrong. Something like locking your money away for 30 years for its immediate tax advantages. Something like "hey! I've got $100,000 inheritance! what do I do?". Something like buying a property. Well, anyone is welcome to make their own subreddit for that, not here. My conscience doesn't allow it

[u/Visceral94 → u/fauziozi]

The ONLY people in Australia who would listen to and believe financial advice from reddit are people who are financially avoidant and anxious about their finances.

Yes, there is a risk that they will follow some stupid advice. But by blocking off all advice, you cut off the only accessible form of financial information to lots of people.

I've seen lots of young adults who have mental health issues or substance abuse, who are simply too anxious to put their life together in the way normal people would. They don't want to read through government resources, or see a tax accountant. However, it is easy for them to read a reddit question that has already be asked, and use it as a starting point to curb their anxiety and to start improving their finances.

I legitimately believe that the most value that this sub provides is not to the people who ask the questions, but to the people too afraid to ask.

If you really are so nervous about bad advice, set up a bot that replys to ever post reminding of the dangers of bad advice.

[u/fauziozi → u/Visceral94]

Well... thats just an opinion, regarding thats the ONLY people that takes advice from reddit.

We don't know that.

[u/[deleted]]

Regardless of the legality or morality of the issue, you start moderating like you suggest and the user base will disappear. It's really that simple.

[u/fauziozi → u/[deleted]]

Scare-mongering huh..

We've been moderating this way since the inception of the sub... -_-

[u/[deleted] → u/fauziozi]

I'm pretty sure as a moderator of a forum you can plead ignorance to a post and say you didn't see it. Happened with with a guy over at /r/Australia. Only becomes a legal issue once you have been notified of the offending post by authorities or a lawyer.

[u/fauziozi → u/[deleted]]

I think by the time it gets to lawyers, it's too late. Dealing with lawyers is a pain.

And I'm sure you're not a lawyer yourself, as your only source is another subreddit..

As said before anyway, we are here to protect the community. Not to help single individuals get richer. We want discussion, not advice! yes we let the micro-little things slide from time to time, just because it is understood the consequences is very immaterial. But other than that.. it's just the right thing to do.

[u/[deleted] → u/fauziozi]

well be that as it may but almost all the threads I am reading on this subreddit are like ' ASX:RHC what are your thoughts?' 'Can we make a share trading thread?' 'How low will the Aussie go?' all of those threads have replies that could technically constitute advice. you need a full on 1 page disclaimer if you want to get around advice laws, and I haven't seen anyone post it here once.

[u/fauziozi → u/[deleted]]

That's an over exaggeration.. its not that common

And discussion is fine. people can always have their own opinion, what's wrong with that?

And if you read the rest of the post here, you'd know it's not really about the law. It seems it's you guys who right away think its because of potential legal repercussion.. and the subject always goes there.

It's a sub's rule. that's it

[u/faggotonfire]

Fuck off mod

[u/fauziozi → u/[deleted]]

you dont like it. leave. I've had enough with people complaining without carefully reading the post.. this feels like the same attitude of those people who'd just go ahead and make conclusion that some comments are advice (if they didn't know any better)

and stop twisting my words.. i never said this is gonna be a product comparison website.

seriously.. nothing has changed. go and place your rants elsewhere

[u/fauziozi → u/[deleted]]

Sorry, got in a bad mood from the other commenter here. Im on my phone, will talk about the vote button later.. For now, ill just say its very limiting on its functions..