And there it is - CGT etc concessions. Now that commissions will be banned on the old products and Advisers will therefore no longer be doing the admin/service for these products, the product providers know they have a problem. Solution, roll them into something simple like, lets guess, an My Super. Result, product provider now has ownership of the client and the adviser is dropped off. Next step, charge an inter fund advice fee and keep the advisers away.
So, this win my mind will be the final result of the Banking?? RC - the product providers get the lot.
And some how, no one will notice"customers with older products cannot easily be transferred into newer products. This is for several reasons, including significant tax liabilities triggered by shutting down legacy products, and a ‘better off’ test that is complex and expensive to apply".
Easy way around it - get the Federal Government to make the problem go away.
An that is how Banks take it all back.
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