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Follow live as the royal commission financial advice hearings continue today: https://www.ifa.com.au/strategy/25404-royal-commission-financial-advice-hearings-live-blog
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So just to be clear, he was going anyway with a fat paycheck and is now going to go a bit earlier with a fat pay check. If an adviser had been as corrupt as this exec they would have lost their licence, livelihood and been fined. Why should Mellor not have to repay all of the bonuses and income earned and the large exit bonus on the back of dishonest fees charged to customers. Why is he not also being banned from acting in a director capacity in the future just as any adviser would be?
He and others might be charged and leaving the company won’t prevent that. We all await the RC findings.
At the heart of this rubbish are two words, culture & distribution. Successive Governments allowed banks with a ( naturally ) short term profit focus to BUY insurers and fund managers. Vertical integration reigns supreme. AMP wanted to reverse 180 years of long-term focus and become a “short term merchant “- ie a BANK !
Bank-owned Insurers/ fund managers, in particular, wish to control distribution of their products, just like CBA with its “independent “mortgage brokers. Unless the RC addresses this CORE problem, nothing will change. Our highly interventionist Turnbull mob should compel banks to divest themselves of insurers & fund managers by 31 Dec 18.
Its not about Commission: change CULTURE and make DISTRIBUTION the responsibility of individually licenced advisers, not product manufacturers. AFSLs are a remnant of old distribution practices, and are there primarily for the banks, but also for ASIC whose business model has longed preferred less AFSLs.
Hello AFA? Hello FPA? Hello? Helloo?? Anybody there? You’re PAYING MEMBERs need you and there is a deafening silence……
My thoughts exactly. Unfortunately CBA Financial Planning pays for their advisers in bulk and pays memberships fees as well. Therefore it’s clear the FPA thinks the needs of CBA Financial Planning are certainly more important then the Australian public or fee paying members like you and me.
Double standards here isn’t there! As an individual member you could be kicked out but so long as you’re a member of the professional partner program you can accept bribes (NAB) and make false statements to ASIC (AMP) & you’re considered safe as houses.
Ain’t gonna get much from them considering they are funded by these crooks. Its becoming increasingly harder to stay in this industry and have to put up with this crap.
It makes me angry that honest, hard working small business operators are being tarnished in this way. I wish there was some separation between the actions of the money hungry corporates to the individual planner. I am not sure what the future holds but I am feeling very uncomfortable
I don’t think you are being tarnished but I understand the point you make. What is fundamentally being examined here is the attrocious behavior of these Executives. So stick to your guns and we’ll all come out of this in better shape.
will anyone be left in this industry?. am i missing something but we all know whats coming commissions will be banned after this- all going to fee for service. i see business values dropping fast. hope i am wrong , but thats how i see this ending. sad to see our industry being destroyed and always the small players the regulators attack imo.
A week ago I would have recoiled at the idea that ongoing fee deductions from products would be banned. Based on what I have heard now, I’m now planning to move my FP business this way, regardless of any legislative outcome from the RC.
No FDS, no Renewal and no ongoing obligation on either party. If I do work for my clients, they will get billed for it, if I don’t do anything for them …. they wont. Just like my accounting clients.
Mr Meller was never going to survive AMPs testified tampering with the ” Clayton Utz ” report. But I want the AMP BOARD to resign as well, OR at least those members of the AMP Board who made the decision in 2009 to buy AXA. In that ego driven decision, AMP picked up a dodgy book of National Mutual risk policies which AMP recently sold to a Re-Insurer, but only after increasing Level Premiums by 29%
I want them to go to jail and have all their bonuses and pay clawed back! SCUM
Should have fronted AGM
Hopefully Mr Meller gets to spend his retirement in the Long Bay aged care facility.
** HOT TIP: JOBS in DEMAND for 2018** – Retired Judges to review regulatory reporting and governance processes in the Financial Services industry.
They won’t have much to do. There wont be a financial services industry left. At least not an advice industry