Banks return $1.2bn for bad adviceBY ELIZA BAVIN | FRIDAY, 12 FEB 2021 12:16PMSix of Australia's largest banks have paid or offered a total of $1.24 billion in compensation to customers, according to new ASIC figures. Related News |
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A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
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So-called remediation, based on formula-driven 'objective' audits set down for auditors with no regard for the necessary subjectivity of advice (and service) provided by the Advisers!
In fact, an attempt to divert attention away from the banks' corporate sins by blackening the characters and reputations of honest to goodness advisers, many of whom were quasi-employees of the banks, caring for the financial well-being of the banks' customers.
And many of whom have been financially ruined in consequence.
And, of course, who has paid for the 'remediations'? Not the banks' executives! No, the shareholders.
So much for executive responsibility!