A CBA scandal wake-up call to all banks

Commission-driven financial planning does not meet the needs of savers, who are turning to self-managed funds in droves. Banks that don’t invest in what their customers want will soon realise their mistake.

The Commonwealth Bank’s financial planning debacle is far more profound than a simple unrecognised management mistake, albeit a huge one. It raises the question as to whether Australian banks have the culture to successfully pursue financial planning alongside their banking business.

More seriously, the challenges looming for banking underline the dangers of this diversion.

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