These are my findings from the Final Report of the Royal Commission:
https://www.royalcommission.gov.au/sites/default/files/2019-02/fsrc-volume-1-final-report.pdf- Ongoing fee arrangements - page 25 (doesn't sound major to me)
- Disclosure of lack of independence - page 25 (more disclosure but that's it...)
- Quality of advice - page 26 (a fresh review due in 3 years' time)
- Grandfathered commissions to be repealed ASAP - page 26 (as expected)
- Disciplining of financial advisers: information sharing (positive but nothing major to me), reporting compliance concerns (AFSL holders will be obliged to report on a quarterly basis)
- New disciplinary system (wohoo!!) - page 28 (All retail financial advisers will need to be registered, disciplined by a single body, clients can report misconduct to this centralised register/system, AFSL holders also required to report...kinda before clients complain)
The last point sounds like accountability. Further on in the report.....
- "Third is the disciplinary system for financial advisers. One hallmarkof a profession is the existence of a credible and coherent systemof professional discipline where the ultimate sanction is expulsionfrom the profession." - page 135
- New approach to disciplining advisers from page 212.
The headline is now saying the government will adopt 75 of the 76 recommendations.
I'm getting rather encouraged about the long term prospects of CAF. I say the share price will return back to 36-38 cents which was the level in August 2018 when the news broke...
(20min delay)