While I agree with your line that the process has become well and truely bureaucratic and has parts that offer little value in developing financial plans, the bank and financial services industries/companies did bring the bureaucracy upon itself through the years of greed and criminal behaviours. The financial advice industry through its professional bodies and some shady advisors were complicit in this whole mess. In other words this was the cause for the findings by Haynes and the over-oversight by ASIC - pigeons coming how to roost.
The banks might have got fined but their victims really got nothing and have suffered the loss of their farms and houses, their businesses, their nest egg.
The advice industry needs to step up, be constructive and come up with what it thinks is the minimum material required to give good and valuable advice at a reasonable cost to clients while having an ongoing business. This is something the two advice bodies should have done in the first place.
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