Hayne’s royal commission misses the chance to professionalise financial planners
By business reporter Andrew Robertson
https://www.abc.net.au/news/2019-02-15/the-banking-royal-commissions-missed-opportunity/10807518
Setting us up for another royal commission in five years
Genuine fee-for-service financial adviser Suzanne Haddan (the owner of BFG Financial), said she had no doubt where the retention of asset-based fees would end.
“To not have addressed one of the major structural flaws of the financial advice space is just setting us up for another royal commission in another five years,” she told the ABC.
Ms Haddan also lamented the royal commission’s failure to put a stop to what is known as “general advice”, which is where the adviser does not take into account your personal financial circumstances.
“General advice has been used to sell product,” she said.
