Agree - I am already drafting a letter to my clients to say that whatever comes out of the RC the cost of providing compliant and bullet proof advice (ie which protects me from ASIC) will rise materially and that my fee scales will rise accordingly. Whatever good recs come from the RC there will be a myriad of unintended consequences.I think the best solution that would keep all but the fin services secotr happy would be a single federal govt pension scheme - ie your 9.5% goes into that - no ISF, no corporate funds, no SMSF, no Bank funds. advice not required - you get an aged based investment profile and some guaranteed minimum return (govt underwritten and Market returns in good years) If you wan to contribute more than 9.5% that is where SMSF, ISF and banks can make an offering. We can all sink or swim together ….
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