Comments on: Financial services still footing the Royal Commission bill

By: Leon

Leon — Tue, 06 Feb 2024 03:44:38 +0000

Did I read somewhere that during COVID, Australian’s using the internet and phone app’s linked to their super accounts managed to move $34 billion into cash investments during the market sell down.

What was the detriment there??? Massive… but hey… Nothing to talk about there.

By: $3 Billion Theft allowed by ASIC

$3 Billion Theft allowed by ASIC — Mon, 05 Feb 2024 21:56:05 +0000

In reply to Anon. Yep ASIC and Govt sit back and let Australians get scammed out of $3,000,000,000 last year and that’s not including more not reported. Yet at every turn ASIC & Govt pile more useless BS red tape and costs onto Real Advisers, ever increasing the costs beyond most consumers. ASIC & GOVT HAVE COMPLETELY LOST THE PLOT AND CONTROL of WHAT IS NEEDED.

By: one foot out the doora

one foot out the doora — Mon, 05 Feb 2024 21:44:50 +0000

In reply to Anon. Yep!

By: Anon

Anon — Mon, 05 Feb 2024 20:06:52 +0000

Meanwhile consumers are being harmed by scams and unregulated “advice” in record numbers. Professional advice has become too complex and expensive for most consumers. The personal insurance industry is in a death spiral.

The Royal Commission was a great opportunity to fix many of the problems in Australian financial services. It was totally botched. Based on the outcomes, Hayne and Frydenberg must be regarded as failures.