Abbott needs to take a tougher line on financial planners

The fraud scandal in Commonwealth Bank's financial planning division highlights how a systemic sales culture has taken root in the financial sector. ASIC needs to act, but the Coalition's weak response won't help matters.

The Abbott government has reacted with predictable disdain to attacks over its policies on refugees, homeless, university students, unemployed, and welfare recipients. And why shouldn’t it? These are complaints from people who normally wouldn’t vote for them anyway, while the policies themselves appeal not only to “bolted on” Liberal voters, but also to disaffected Labor voters. It’s good politics, even if the bad press means a temporary hit in the opinion polls.

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