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I am the first to say that the reputation of many good and fine people working in financial advice was tarnished by the misdeeds of others and that many have suffered the collateral damage caused by the greed of the banks and financial services companies and by the lack of strong professional oversight by their representative bodies. Australians benefit through the role and value of professional financial advisors.

Comments here keep suggesting the Royal Commission was the cause of the angst fronting the industry. It was not the cause but the symptom - it exposed what was happening to ordinary people who did not have the power or position to get restitution or recovery - just read their stories made to the Royal Commission - you are a heel if you were not moved. The banks were not backward in taking their pound of flesh and so why wouldn't vengeance be meted out to them.

The financial advice industry should see itself as being separate to the banking and financial services industry, particularly as the banks have done yet more damage to themselves by their wage theft.