Consumers: The government will establish a compensation scheme of last resort going back 10 years, instead of 6 years; and provides $30 million for past claims of misconduct.
Losers
The (at least) three companies facing prosecution over fee for no service: The final report is scathing about the industry-wide scandal fee for not service scandal where between them AMP, ANZ, CBA, NAB and Westpac will refund customers at least $850 million.
At least three unnamed companies and their executives face criminal prosecution. “I consider it open to a jury to conclude, beyond reasonable doubt” that these companies engaged in conduct that was “dishonest according to the standards of ordinary people”.
Retail super funds: Trustees banned from acting in other roles; prohibited from inducing employers to use their default funds;
Insurers: Face the loss of commissions on life and general insurance products.
Financial advisers: Those who provide personal advice will have to be registered and the industry faces a central disciplinary body;
APRA: Faces a capability review every four years, the first to be led by Graeme Samuel; it has also been told to better share information with ASIC;
Car dealers: Face a cap on commissions for add-on insurance sales.
from Just News Viral http://bit.ly/2DRldaF
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