This RC hurts the providers of advice trying to put food on the table, its hurts the end consumer as advice has become even more expensive and further out of reach for the consumer. The tail-end of town continue to be abused and hurt by the big wigs financial greed. The sad part of this RC is that no executive of the big banks will ever lose their job, lose their house or face criminal charges, while it was them who demanded sales staff do whatever it takes to keep shareholders happy, and from this they'll continue to line their pockets.
Look at the appreciation of bank stocks today, while the likes of MOC/AFG plummeting 25%. While I disagree the commission structure for mortgage brokers, the recommendations only hurt consumers while the banks must be rubbing their hands together. Any chance of removed commissions being rebated to the consumer or reduced mortgage rates....no chance!!!
Industry funds got off light, however they can continue to deduct advice fees from MySuper products for providing intrafund advice - how does that work?
Kenneth Hayne is puppet at the hands of the big banks and industry super. Both political parties have won here, with the RC limiting recommendations against their biggest supporters, and ensuring funds flow into their coffers.
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