A global study has shown that the problems faced by the Big4 are universal; incumbent banks may have the data, products, infrastructure and capital, but it doesn’t guarantee customer primacy.
Advice is set for a dramatic shift towards deregulation, with the Levy proposal paper sketching a plan to ditch statements of advice and best interest duty in favour of a new “good advice” directive.
The integration of its marquee business acquisitions has helped the nation’s largest provider of financial advice services turn the corner.
The chair will take a hard line on DDO and crack down on scams, but his major concern is crypto misinformation. “My job is to be frank with the Australian people,” he said.
“Fragmented” service models for advice groups will soon coalesce into three distinct business models according to KPMG’s Future of wealth management report.
Loans caused small business owners the most grief in the past financial year, with the regulator watching closely the effects of rising interest rates.
The review will consider “the consequences of time lags between regulatory action and cost allocation”, the terms of reference states.
