RC findings bring shame on advice industry: social media

Multiple social media commentators suggested the findings revealed in today's inquiry have brought shame on the financial advice industry.

Today's inquiry focused largely on AMP and the 90-day exception rule which enabled the group to charge fees for clients who weren't receiving advice at the time. Responses were highly critical, with some suggesting it's severely tarnished the advice industry's reputation.

BusinessBlades founding director Doug Webber argued the findings may reduce engagement with financial services.
A tweet from self-licensed advice firm Capitalwise said this is the first time one has caused to feel shame for working as a financial planner.
Narrabundah Partners principal Shaun Gath criticised the industry's evasive responses to questions.
Finally, Quantum Financial principal Tim Mackay noted his firm had made recommendations regarding fees-for-no-service nine years ago.

Read more: CapitalwiseDoug WebberShaun GathTim MackayLeng OhlssonBanking RoyalBusinessBladesClearViewJoint Parliamentary CommitteeMichael HodgeNarrabundah PartnersPost RCQuantum Financial
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