ASIC's battered Storm cover

Impending financial advice reforms are a missed opportunity to break the link between super funds and advisers and beg the question: have we learned enough from Storm's collapse?

When financial planning firm Storm Financial collapsed with $3 billion in investment losses, many of its investors were left destitute. A parliamentary joint committee inquiry into the company’s demise was conducted in response and, in 2010, then Financial Services Minister Chris Bowen announced a series of sweeping reforms aimed at giving greater protection to retail investors.

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