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The bank managers should rightly be condemned. However this is so big and systemic that it needs further analysis. The process of delivering advice to clients has become so cumbersome, bureaucratic and inconvenient for clients, that it is not surprising that bank advisers weren't able to deliver an 'annual documented review'. Yes they were stupid to promise it, without adequately resourcing and monitoring the advisers. But there is clearly a bigger problem. It is not good enough for ASIC to beat financial planners with a big stick and to shift blame onto us endlessly. They know the cost of advice is too high and inaccessible to a large number of Australians. Giving favours to accountants and fintech is not the solution. It is time for our regulators to get out of their ivory tower and engage with financial planners. With increasing standards and education, together with restrictions on our remuneration, there is an opportunity to relax some of the red tape so we can improve the delivery of advice. The banks have done the right thing by refunding enormous sums of money, now ASIC it is over to you.