Royal Commissions and schadenfreude
Outsider believes the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has become compulsory watching in the financial planning industry and has given whole new meaning to the term “schadenfreude”.
AMP Limited’s Jack Regan set the ball rolling with his opening appearance at the Royal Commission on 16 May as he was subjected to questioning about his company’s exposure to fee for no service and its apparently less than frank relationship with the Australian Securities and Investments Commission.
Outsider heard comments from industry participants alluding to slow-motion train-wrecks and discussion of Regan’s appearance only subsided when the Commonwealth Bank’s Marianne Perkovic found herself drawn away from her position with Commonwealth Private to discuss her time at Count Financial and Commonwealth Financial Planning.
Appearing before a Royal Commission and an impressive young QC is no easy task, and it cannot be comfortable for someone such as Perkovic to find herself accused of “dissembling” as she was sought to put “context” around the arcane workings of corporate committees.
Outsider is reminded of the advice he received from his first editor – “when you find yourself in a hole, stop digging”.
AUTHOR
The Outsider
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