Yes, Ralph, it is a conspiracy

The government isn't stamping out sales commissions in financial advice, it's pushing a shrewd package of loopholes that are designed to let the banks have their way.

Former Commonwealth Bank chief Ralph Norris is missing the point if he thinks CBA’s financial planning problem is simply “rogue people”, but there’s nothing unusual or surprising in that. As Jack Nicholson might have said, bankers can’t handle the point.

The point is that there are two types of financial planners or advisers (both words are used interchangeably): those who sell and those who don’t. Customers can’t tell the difference, which is the real point.

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