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Yes it's vertical integration. But it's not deceptive branding. Like AMP Financial Planning or CBA Financial Planning. It's fairly clear to the consumer whose product you are likely to get recommended and why. Just as when you call an Australian Super or REST call centre.

Magnitude, Securitor, Hillross, Charter, Shadforths, Bridges, etc are vertically integrated AND deceptively branded because most consumers are likely to think those brands provide independent advice. Very few consumers read FSGs or are acquainted with the ludicrous legal definition of "independent".

I'm not suggesting vertical integration is OK. I'm just saying that if Hayne doesn't ban it, he should at least make sure advice firms carry the brand of their vertically integrated parent so that consumers can make a better informed choice.