How is a fee for service conflicted? You get a service and you pay for that service. Whether the fee paid is value for money is not conflicted.A commission is conflicted because it is not overly transparent whether a service was delivered and that was the finding of the Royal Commission. In numerous examples provided to the Royal Commission, the best interest test was not applied nor honoured. In other words commissions were rorts.
Of course Choice and CALC had a track record in supporting customers of the financial services industry and its agents. It is a real pity that trustees did not have the same endeavour. Equally there's been plenty of financial advisors found wanting (almost one found in every issue of this august publication). There's some proverb about glass houses that the people in the financial services industry need to recall before throwing stones at Choice and CALC.
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