Financial planning under scrutiny at Royal Commission

Financial planning executives face a grilling before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry next week, with the major banks and AMP scheduled to deal with fees for no service, platform fees and inappropriate financial advice.

The Royal Commission has confirmed the appearance of Westpac, the Commonwealth Bank, ANZ and AMP in the second round of public hearings in Melbourne next week, alongside the Financial Planning Association (FPA), the Association of Financial Advisers (AFA) and the Australian Securities and Investment Commission (ASIC) to discuss the disciplinary regime around the financial advice profession.

The five topic areas to be traversed during the public hearings are:

  1. Fees for no service
  2. Investment platform fees
  3. Inappropriate financial advice
  4. Improper conduct by financial advisers
  5. The disciplinary regime for the financial advice profession

The Royal Commission said the second round of public hearings would consider the conduct of financial services entities that provide financial advice to consumers, including the treatment of consumers, compliance with the law and community standards and expectations, and the sufficiency of the current legal and regulatory structure.

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