March 5, 2014 John Collett"Labor's financial planning reforms...

March 5, 2014 John Collett

"Labor's financial planning reforms bans conflicted remuneration for all but general insurance and for life insurance that is bought outside of superannuation. There is also a carve-out in the Labor reforms, so that banks can continue to pay staff for selling simple banking products. They can continue to pay staff bonuses for example, when describing how a term deposit works across the counter and where it results in a sale. The exemption is limited to "basic banking products", where there is no personal advice being given.
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However, the Coalition government has proposed an amendment to Labor reforms that, if passed, would allow banks to pay staff for selling all sorts of financial products, including complex and risky ones. It is proposing that conflicted remuneration be allowed on all products, not just simple banking products, where there is no personalised advice given."

Read more: http://www.smh.com.au/money/super-and-funds/bank-customers-at-mercy-of-biased-advice-20140304-340xo.html#ixzz2v2rRAtk8
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Seems to me that in this era of instant electronic number crunching results, a PUBLIC REFERENDUM should be applied to any such proposals from these financial alchemists.
This will definitely eliminate most consumer sentiments of "What could I do, it's out of my hands" lament.
Of course, most PIFers by now have well and truly ejected the term "Financial Advisor" from their vocabulary.

Regards,