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Home Podcast

Royal commission, regulation and the regions

In the aftermath of the announcement of a royal commission into banking, superannuation and financial services, senator John ‘Wacka’ Williams speaks exclusively to The ifa Show from his Parliament House office. After seven years of campaigning for the inquiry, the NSW National reveals what he wants to see in the terms of reference and the desired impact on consumers in the city and the bush.

by Staff Reporter
December 14, 2017
in Podcast
Reading Time: 1 min read

 

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Tags: Regulation

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Comments 2

  1. Old Risky says:
    8 years ago

    Aleks While I admire Wacka for his zeal, his comments that risk needs commission, not fees, so the average punter can get advice, are frankly a bit late. He really can’t bathe in the glow of a banking royal commission, because the banks had got what they wanted before the announcement when LIF made their insurance arms more attractive to overseas buyers. Why wasn’t Wacka in the ear of Frydenberg and O’Dwyer before LIF was legislated. He also is praising ASIC too much, considering their blind ideology to eliminating risk commissions. BTW, did the AFA ever go to Wacka ?

    Reply
    • Not telling just in case says:
      8 years ago

      I heard him speak when LIF was proposed but not legislated (I think) and he mentioned that reducing commissions wouldn’t have a negative impact on the financial planning industry and something had to be done given that financial planners had been selling insurance policies to clients that had already passed away. Only problem was that the situation he referenced were non financial planners working for Combined Insurance. Like all politicians he speaks to what he thinks the audience wants and shouldn’t be trusted. Basically he hates banks because of something which happened on the family farm and is running his personal agenda — for the record I don’t work for a bank.

      Reply

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