Australia shows 'what not to do'
David Boyle, investor education group manager at the Commission for Financial Capability has returned from a forum in Australia where the country’s industry challenges were discussed.
He said Australia was dealing with the question of how quality advice could be delivered in a cost effective way that was transparent and appropriate for consumers. “I hope we can learn from their challenges.”
The Australian industry is reeling after revelations of substandard advice and mis-selling costing consumers billions in losses.
There have been a number of reports recommending widespread changes, including to commission structures, bank funding, superannuation scheme fees and retirees' access to their super lump sums.
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