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 |
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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