Bernie Ripoll needs to protect Bernie Ripoll.Subsequently he agrees with everything that is being done irrespective of consumer cost, small business impact or access to advice.Bernie wants to remain engaged and employed by the industry as a consultant and commentator and if he sticks his head over the wall and speaks up he will be shot immediately.There are now so many experts, commentators , influencers and bullshit artists in this space it's like throwing up in your own lunchbox.The industry is imploding with over regulation and stratospheric compliance costs.The Govt is pushing forward with everything irrespective of negative effect on the consumer and business because Morrison, Frydenberg and Hume seem to be ultimately gutless and scared to be seen to question anything at all stemming from the Hayne Royal Commission.They know if they do, they will be criticised and accused of watering down and backtracking.This is about politics and public perception. It is not about reality and ensuring that there is in fact a Financial Services industry left by which to provide consumers with quality advice at a reasonable cost.It is interesting that Sally Loane was not asked any questions in relation to the state of play within the Life Insurance business including significant decreases in business inflows, decreases in profitability of FSC insurer members , the rapid decline of experienced Risk Advisers and the impact this factor may eventually have on the public purse.From an organisation that pushed and pushed for the significant reduction and proposed obliteration of insurance commissions for advisers the results of their actions in agreeing with the Trowbridge report are now coming to fruition.The amount of overeach is unsustainable and is killing the industry rather than assisting it to be manageable, profitable and compliant and as such of value to the consumer.
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