I agree that the banks have and will continue to treat the end...

I agree that the banks have and will continue to treat the end client like mushrooms (keep them in the dark and feed them sh*&t and they will thrive). The will love the death of commissions - regulatorialy outlawed and yet no where is it regulated that the banks have to pass these explicit savings back to the end customers (ie. drop their rates equivelantly) - isn't that "Fee for no service" all over again..............

The other thing they will love here is the death of the broker - this means back to the good ol days of "one stop shop" without peskie upstart brokers gaming the clients off to the "best deal in town" or dare I say it in a number of cases "best commsiion in town". There is plenty of evidence showing that the broker deal flows were and have been heavilly influenced by either the rate being offered to the client and/or the rate being paid to the broker - not much in the middle if you do your research.

IMO the only winner I see here are the banks - regardless of what ones opinion is of the value brokers do or dont deliver. They will continue to display their same old pervasive behaviour and hide it ambiguous rhetoric and marketing spin accordingly with quotes like "client first" etc etc....

From my side - I believe an evergreen commission system for loans was not a symetric outcome for the client as someone had to pay for it and it ultimately is the customer and that sum compounds to a lot more than what they would have paid for straight up advise. I do however think the industry needs independent advisers in this space so the regulation needs to be re-addressed as they are throwing the baby out with the bathwater here.