When will AMP SETTLE the ADVISER CLASS ACTION, page-2018

The banking royal commission revealed that since 2013, Colonial paid financial advisers or the licensees they worked for over $400 million in commissions that were funded by charging higher fees to superannuation members. Many of the advisers worked for the Commonwealth Bank group, which made significant profits from retaining these commissions.

At the time, Slater and Gordon special counsel Nathan Rapoport said the Australian government banned commissions to financial advisers for new members through its Future of Financial Advice reforms because it was clear they were not in members’ best interests.

“Ever since, Colonial continued to pay commissions with respect to existing members under what became known as the ‘grandfathering exception’, and because of this, it continued charging those members higher fees,” Mr Rapoport said.

“The Hayne report found there was no justification for continuing to pay commissions to financial advisers. We agree. Paying these commissions – and as a result charging members higher fees – ripped hundreds of millions of dollars out of members’ retirement savings to profit the financial advisers or the licensees they worked for who were not required to provide any services in exchange.

CFS reaches $100m settlement in class action - InvestorDaily
this is for u primer to read ...and your mate mr red !!!
click link above for full story ....