- No (70%)
- Yes (28%)
- Not sure (2%)
Two in three advisers do not support recent calls for a Royal Commission into the banking and financial services industry.
This is the headline outcome in our latest poll, in which 67% of those who have voted so far have given the thumbs down to the proposed Royal Commission. However, there is a considerable proportion within the adviser community who do want to see a Royal Commission into the sector, with 31% voting ‘yes’ to the proposition.
The general mood of this meeting appears to be that it is too soon to determine whether the impact of recent legislation and other changes within the sector will achieve the desired results in addressing most of the issues a Royal Commission would investigate; one adviser noting:
“We have had the PJC, FOFA, The ASIC enquiry, the Murray report and LIF. These have all provided recommendations and imposed changes that will take time to reflect on the results of any additional enquiry.”
In summing up the majority view, the same adviser added,
“A review of results in two years time will give us some idea of their impact but digging up problems from three years ago just supports the need for the changes that have been made.”
Does this comment reflect your own view (see also: Royal Commission Overlooks Extensive Reviews of Advice)? Or do you agree that a Royal Commission into the financial services sector should be instituted as promised by Labor, if it wins the next election? Our poll remains open for another week and, as always, we welcome your views…
