It will be interesting to see the Royal Commission discuss the effectiveness of planner associations like the FPA, to self regulate and reduce Government intervention, given the payments they receive from Banks. Surely given the behaviour of members like Commonwealth Financial Planning a recommendation out of the commission will be removal of these links. Attempts at self regulation has failed and thus we've got over regulation and poor conduct because of these close links. As a consumer why would you lodge a complaint against CBA to the FPA when large payments are made? As a CBA adviser how free would you feel to lodge a complaint to the FPA if you witnessed poor advice or a process or procedure.
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