Once again the commentary around the findings of the Royal Commission Into Misconduct In The Banking Superannuation and Financial Services Industry has been on my mind. Like most, I have watched, listened to and read mountains of information from a range of sources, some well-informed, some not. Let it be said that I agree with the majority of the recommendations proposed by Hayne, but unfortunately much of the commentary has left a lot to be desired.
The sad thing is that the majority of consumers will not read the detail of the recommendations, and their opinion will be shaped by what is promulgated in the media. The outcome is likely to be that there will be even further mistrust of financial advisers, an even greater reluctance of Australians to seek help, and a lower number of people receiving the real benefits of professional advice. The Court Of Public Opinion is the highest court in the land when it comes to matters like this.