FiftyUps Support Royal Commission into Financial Planning

Oh, yes, please, please have an enquiry into Financial Planning. We were very, very badly burnt in the "crash" and lost a huge amount of our life savings which has impacted greatly on our quality of retirement. We are constantly in a dilemma as we find that the fees we are charged by the Financial Planner eats up as much, if not more than the earnings from the investments where they have put our funds. Jan 

Sir l would like discuss my home loan wt some one thanks 

Sir l would like discuss my home loan wt some one thanks 

Mr Mangos am 62 my husband can no longer work due to a severe stroke... No matter where we go...its a closed door.... Where or who can I contact in WA Perth to obtain help.... I am still working p/t and as many ...struggling to pay mortgage...rates...electricity... Your help is really appreciated. We are not after trips (we havent done any travelling for the past 15 years due to monie issues) and we are not after any help to do so... Your response to my email is appreciated guida1512@gmail.com. Thank you Margarida 

Not only do we need a royal commission into the Financial planners but the Government should have an in depth look at Retirement villages procedures and charges .Andrew. 

We so badly need a Royal Commission to protect all future retirees. 

Is this available in Western Australia? 

I work in the superannuation industry particularly with industry funds. The members are the share holders of the fund. An industry fund cares about its members while keeping fees to a minimum, providing best service under a best interest duty of care and in the case of my company is very proactive in educating our members both in accumulation and pension phase and providing qualified tailored advice for a minimal fee (fee for service) to those members who require it. In my experience have found most super fund members seek advice closer to their retirement years, they have had little or limited super education and minimal fund engagement. When seeking advice most members don't think to engage with their fund first, they seek advice from other sources like their bank. Banks have been the pillars of our communities for decades yet they close ranks when it suits. I don't know that a Royal Commission will address anything. Maybe weed out the non compliant unqualified adviser for a while. I encourage members to regularly engage with their super fund, take advantage of the education the fund provides and if you need advice contact your fund first. Anonymous from Qld 

This has come about because the banks did not educate their staff in financial planning they were the worst educated planners like the the cba which people have forgotten these banks are a disgrace and are now getting rid of their problems hence the reason why every is unhappy with the present system other nonaligned planners are getting blamed for the crap these banks have done to clients.there average score for educationpurposes was the lowest of planners other planners not aligned to banks were in the eighties so all planners are good so don't treat everybody the same read in between the lines and if you require advice contact the afa or Fpa for a planner 

We have a Financial Planning industry made up of ex-sales people from a privatized AMP and MLC, etc. They are excellent sales people of “a product”, but poor providers of actual knowledge or advice. They are “commissioned” to sell bank products. In Australia, you need more qualifications to be a hairdresser than a financial planner !! Financial planners need good knowledge and training (financial, ethics, options), disclosure of commissions paid, clarity of products (banks or otherwise), opt-out provisions, and clearer separations between banks and investing funds. They need to be qualified, registered and accredited. The scandals of CBA, WBC, MB, etc., reveal a systemic problem that cannot be left to the industry or politicians. The scandals mimic the collapses of the early noughties, and early nineties and eighties: Bank self-regulation has NOT worked. Politicians are beholden to corporate backers and banks who claim it can work. We are complicit in not holding Politicians to account sufficiently about financial scandals and irregularities over 30 years. We need a Commission, and the findings should drive action to legislate reform.