The problem here is that no-one is truly assessing and in need fighting the complaints from DASS. The quasi legal firms that prey on these matters will exacerbate the losses for what were in a lot of cases wholesale clients and with AFCA's make it better than it should be "what if"scenarios the amount of the losses to be borne by Industry participants that had nothing to do with the loss and couldn't have ameliorated the losses themselves will force them out of the market. The likely cost of the CSLR levy will wipe out the profits of many advisers who are already struggling to survive.
I also am gravely concerned that off the back of sentiment against the Institutions we are now seeing Legislation in hindsight because nobody is willing to stand up and say that it was not the fault of the IFA's that DASS promoted greed returns, where was ASIC in this? As usual ASIC is missing in the fight but looks to bayonet the wouneded (in this case all the IFA's that have done the right thing).