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BFCSA: CFMEU Mike O'Connor says Royal Commission must cover ALL BANKS. Too many RIPPED OFF!

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MEDIA RELEASE

 

 

This email address is being protected from spambots. You need JavaScript enabled to view it. www.cfmeu.net.au. MEDIA RELEASE. 27 June 2014. Financial planning Royal Commission must look at all banks.

MEDIA RELEASE


27 June 2014
Financial planning Royal Commission must look at all banks

A Royal Commission into the Commonwealth Bank Financial Planning scandal, recommended late yesterday by a Senate Committee Inquiry, should cover all banks and financial institutions, says the CFMEU.

The CFMEU National Secretary, Michael O’Connor, said the Senate Committee Inquiry’s findings about the Commonwealth Bank Financial Planning scandal are almost certainly just the tip of the iceberg.

The unethical practices of financial advisers in big banks - practices that flourished before the Future of Financial Advice (FOFA) laws were introduced in 2013 – have ripped billions of dollars in superannuation
savings from thousands of Australians.

The full extent of the scandal will never be known unless a Royal Commission looks at all the banks.

“We need to know how many working Australians have lost savings because of financial advice that was not aimed at helping them in retirement, but at boosting sales commissions for advisers and profits for
the banks,” Mr O’Connor said.

“A financial advice system that put commissions, kickbacks and bank profits before working people’s livelihoods must be thoroughly investigated.”

Mr O’Connor said the scandals that were the subject of the Senate Committee Inquiry happened before the FOFA reforms were brought in.

 

“It beggars belief that the Government would push ahead with the changes to FOFA that would remove the most basic of protections for working people – like a water tight law that an adviser must act in a client’s best interest.”

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