Regardless of how, and in what form, the Report’s recommendations are implemented, they will undoubtedly have a significant impact on the structure of the superannuation industry for many years to come.
The ongoing pressures on the financial advice industry don’t seem like letting up anytime soon, with a need to continue to focus on providing quality advice for clients while also finding ways to ensure advice businesses remain profitable under increasing cost pressures.
“Getting culture and conduct right is not a supervisory requirement. It is necessary for banks’ and banking’s economic and social sustainability”* With the release of the Hayne Royal Commission’s Final…
The Commission’s work has four clear observations: the connection between conduct and reward; the asymmetry of power and information between financial services entities and their customers; the effect of conflicts between duty and interest; and holding entities to account.