At least make the Medibank float fair

The banks appear to have won the day on FoFA reforms, but Mathias Cormann has a chance to redeem himself somewhat if he chooses a transparent, on-market bookbuild for Medibank.

The federal government will soon ‘unpause’ its disembowelling of the Future of Financial Advice legislation, and the word from the industry is that there will be virtually no change.

It looks like the hopes of the Financial Planning Association and consumer groups that Finance Minister Mathias Cormann would rethink his craven capitulation to the banks in the fruitless pursuit of lower costs for savers will be dashed.

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