Five years ago, Australia had 28,000 financial advisers. Today there are 16,000. So where can you get financial advice? A new report offers a good answer – and it’s something I used to argue against.
On Friday the government will receive a report likely to recommend a requirement for advice in a client’s “best interests” be replaced with a requirement to give mere “good advice”.
The royal commission wanted the corporate cop to first ask ‘why not litigate?’. The treasurer’s new guidelines suggest it should instead ask ‘why not negotiate?’.
Nothing, not even advertising will be permitted unless it is in the ‘best financial interests’ of members.
The Federal Court has all but made it illegal for insurance companies to dig for dirt and exploit the practice of retrospective underwriting.
The National Consumer Credit Protection Amendment bill goes against two explicit recommendations of the banking royal commission.
It was one of only two recommendations the government rejected.
ASIC is passing up opportunities to prosecute, all the more so in this ‘very different economic environment’.
“The need for change is undeniable,” says Treasurer Josh Frydenberg, issuing a timetable for dealing with recommendations from the royal commission into banking, superannuation and financial services.
“Balanced scorecards”, of the kind countenanced by the Australian Prudential Regulation Authority, are inherently unbalanced.
The fifth banking code of conduct since 1993 looks better than those that have gone before it.
People expect financial institutions to serve them better in the wake of the royal commission. There’s reason to believe they won’t, for long.
Investigative journalist Adele Ferguson on the ‘disappointing’ banking royal commission and how she works with whistleblowers.
The Conversation51.9 MB (download)
Today on Media Files, it's journalism versus the big banks. We're hearing from Adele Ferguson, the celebrated journalist who many credit as the driving force behind the banking royal commission.
The government has agreed to create an independently-chaired body to report on the performance of ASIC and APRA, but it hasn’t said its reports will be made public.
There’s concern that paying upfront for the services of mortgage brokers would frighten customers away. But it needn’t, if they provide good service and explain what are charging for.
The budget will include another round of tax cuts and provide about $600 million to pursue wrongdoers and help restore trust in the financial system.
Josh Frydenberg wants to leave mortgage broker commissions unchanged for three years. It’s hard to see why.
The ASX was late to the corporate governance party and its fourth reheat remains as flawed as ever.
Suddenly, ASIC is about to have real power. It’ll be easier to get prosecutions and they will hurt, even if the law remains less than completely clear.
In trying to be values-free (like physics & chemistry), business schools have succeeded in justifying amoral behaviour. No more! We’ve seen the results in the Banking Royal Commission.