The royal commission announced today the new focus for the hearings that will commence on Monday, 25 June in Brisbane and end on Friday, 6 July in Darwin.
The third round of hearings, focused on SME lending, is currently underway in Melbourne following the first two rounds on credit and mortgage broking and financial advice and wealth management, respectively.
Applications for leave to appear has not opened yet.
Misconduct in regional financial services is one of the key issues that first ignited calls for a royal commission by advocates like senator John ‘Wacka’ Williams.
ifa spoke to Senator Williams on the eve of the government’s announcement of a royal commission in late 2017:
And still no ISA funds put under the blow torch? They must be pure and unconflicted and give abso-effing-lutely perfect advice, always. Royal Circus and ASIC and Productivity Comm is its clowns.
How about a focus on the FPA and FP dealer groups and the lack of scrutiny and over charging of fees burdening the industry not to mention complex compliance issues.
Agree, Surely the relationship between the Big Banks and the FPA needs to be addressed. What other professional Association in Australia has these types of links?
Could you imagine if the Australian Medical Association was getting regular payments from Pfizer, a drug manufacturer and gave Pfizer employees a 10% discount for joining?
Could you imagine if the AMA then bundled these payments up and called them “receipts from members” on their annual report.
No wonder the public don’t take this industry seriously when FPA members are clearly happy with this. Let’s now await for the FPA Social Media team for a response please…
Speaking of fees, and coming shortly after increasing superannuation fees due to regulatory changes, financial wisdom is increasing AR fees by $1,000 each due to regulatory changes (+ an extra 3.3% so in reality it’s between $1,700 and $2k).
That’ll be the ASIC Cost Recovery levies being passed on prospectively…
what about those effing ISA funds,or is this RC just a Royal Circus sideshow?
I have two questions 1) How do I buy tickets? and 2) do they allow you to dress up and bring in drinks ?