Banks structured to deliver poor advice

Something odd occurred last week, something that almost never happens in business, let alone financial planning, a sector famously impervious to the needs of its customers. An industry body - in this case the Financial Planning Association (FPA), representing over 6,000 planners – argued the case for more regulation. As a recent World Bank study noted, many of Australia’s major industries are dominated by a handful of companies. They prefer to be free from pesky regulation so they can carry with their over-charging ways. This tendency is nowhere more in evidence than in the ‘wealth management’ arms of the major...

Something odd occurred last week, something that almost never happens in business, let alone financial planning, a sector famously impervious to the needs of its customers.

An industry body - in this case the Financial Planning Association (FPA), representing over 6,000 planners – argued the case for more regulation.

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