December 5, 2017
Do you support the Government's decision to establish a Royal Commission into the alleged misconduct of Australia's banking and financial services sector?
- Yes (55%)
- No (34%)
- Not sure (11%)
Our latest poll seeks your opinion about the Government’s decision to conduct a Royal Commission into Australia’s banking and financial services sector.
Last weeks’ announcement by the Prime Minister and Treasurer (see: Government Calls Royal Commission…) was greeted with a mixed response by key stakeholders, depending on the interests of the constituents they primarily represent.
…there remains the prospect of further examination and review of adviser and life company conduct
While most industry organisations would probably not embrace a Royal Commission whose remit includes examination of “…the nature, extent and effect of misconduct by a financial services entity,” and “…any conduct, practices, behaviour or business activity by a financial services entity that falls below community standards and expectations,” there has nonetheless been a general acceptance that the fact of the Royal Commission will eventually lead to improved consumer trust in the industry.
Many within the adviser community may hold the view that the sheer volume of recent investigations and inquiries into adviser and institutional conduct should be sufficient to ensure the Royal Commission directs its focus elsewhere, but there remains the prospect of further examination and review of adviser and life company conduct.
What’s your view? Do you think the Royal Commission will ‘clear the air’ and ultimately become a turning point that will indeed improve consumer trust in institutions and the adviser community? Or do you think this is the last thing the advice sector needs at the moment, given it has figuratively been through ringer in recent years, thereby rendering the inclusion of financial services in this mandate as an ‘over-the-top’ reaction by the Government?
As always, we welcome your vote and your measured comments and will report back to you next week…