A year of editorials is collected into a summary of the Royal Commission hearings. No need to rush out and buy one of the books that will hit the stores in the next few months.
Tag Archives | Royal Commission
Most financial advisers will say they have faced an increased level of scrutiny from clients due to the Royal Commission. The test is how the industry wins back trust.
Humans “are fantastically adept at rationalising and believing what we want to believe.” The Royal Commission received fascinating research on conflicts of interest and why financial advisers compromise best interests duty.
The CEO of the new Australian Financial Complaints Authority (AFCA) writes exclusively for Cuffelinks on how it will operate, including jurisdiction, remediation, efficiency and building trust.
The current system is complex and inequitable, and those most affected by aged care anomalies are often least able to understand the consequences.
The history of the Big Four banks is littered with bad strategies by overpaid executives, taxpayer-funded rescues and a lack of competition. As the banks clean up the Royal Commission mess, Macquarie has overall done better.
Many people are hoping bank profits and share prices will resume growth once the Royal Commission is done with, but new competition from digital disruptors could mean disappointment for bank shareholders.
The Royal Commission has done great work, but most bank activities remain untouched, including the crucial issue of how banks price their products. Kenneth Hayne asks if banks are capable of the change required.
The Royal Commission focusses heavily on poor incentives amid a sea of damnation and exhaustively-documented case studies, but does not provide answers, especially on the vexed issue of best interests.
The Royal Commission has severely damaged the reputations of many retail funds. While the CEO of the peak body for industry funds is not complacent, battles have been won.
Round 5 of the Royal Commission focused on superannuation. Conflicts of interest, trustee responsibilities and delays in meeting the legal obligation to transfer default clients to MySuper products featured.
Amid the Royal Commission words like toxicity, rot, darkness and attrition, the super industry must rebuild trust with accessible, open and candid communication, and stop scoring own goals.
The Royal Commission stoked the coals on financial advice fees and commissions, taking three days to learn trustees and management are severely conflicted by best interest responsibilities.
The tightening of credit conditions for home lending driven by the Royal Commission has not fully translated into aggregate statistics, and the slowdown may already be worse than we realise.