Call general advice 'sales': CBABY ALICE URIBE | FRIDAY, 29 AUG 2014 12:55PMThe Commonwealth Bank of Australia has recommended there be changes to the way that 'advice' is described in its second round submission that responds to the Financial System Inquiry's (FSI) Interim Report. Related News |
Editor's Choice
REI Super chief executive steps down
REI Super is farewelling its chief executive Jarrod Coysh, after more than seven years in the role.
Former Brighter Super investment lead plots return
After a six-month hiatus, former Brighter Super chief investment officer Mark Rider is returning to the superannuation industry, set to join another super fund next month.
CGT, negative gearing changes to become a law
The government's tax agenda announced in the Budget overhauling the capital gains tax (CGT) discount and negative gearing have now passed the Parliament and will become law.
BUSSQ beefs up cyber security oversight
The Queensland industry fund has welcomed a cyber security expert to its board of trustees, bolstering its oversight on heightened cyber security risk.
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
"Hurry, hurry, hurry. Step right up folks, it's FOFA when you are not having FOFA."
"We, the 'big 4 banks' have a deal for you. None of that nonsense about Best Interests. We wont bother you with personal advice, just a quickie insurance product flog at the tellers window. No intrusive personal questions for you sir or madam. Trust us - after all we are a bank.
"No medicals, or questions on your sex life sir. Buying one of these Is quick and convenient sir - here are just some of the insurance goodies we have been building while others were distracted. We figure you would rather get ripped off by a bank and not one of those nasty TV ads, so we have a suite of products ready for our customers.
"What's that sir, you already have one of our insurance products with the same corporate logo from your adviser. Wouldn't sir like to save money - better in your pocket sir, and the products all do the same job. And madam I am sure you would like your own personal 1300 number for your claim "
Save the insurance industry from itself - BAN GENERAL ADVICE