This is again another conflict, this time in the dealergroup model rather than just vertical integration.
Dealergroups take a percentage based cut of revenue generated by practices. The more money the practices earn, the more the dealergroups earn from them. They havent had the incentive to properly audit advice previously as this would reduce the revenue of practices under any dealergroup model (not talking just AMP here). I know of plenty of dealergroups that have been more intent on 'cleaning up the trail' rather than actually making the advice compliant. All of this fee for no service and insurance churn has been known about for ages and could have been stamped up, but money talks.
The only way to fix this is advisers to all go back to being self licensed and 100% responsible for their actions.
Share price by Xmas 2019, page-247
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$1.13 |
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