Why Cormann is now right on financial advice

Banning commissions and upholding the best interests duty will help restore the reputation of a much maligned industry. Making financial advice more affordable will be Mathias Cormann's next challenge.

The Abbott government’s red tape warriors must have been pretty shocked when it turned out financial planners didn’t want most of their amendments to Labor’s financial advice legislation.

There they were, doing their best to reduce “compliance costs for small business”, and this mob of ingrates came out against it.

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