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NewsFiftyUps Support Royal Commission into Financial Planning
FiftyUps Support Royal Commission into Financial Planning

FiftyUps Support Royal Commission into Financial Planning

Tags: Consumer Action FiftyUp Club News Sticking Up for FiftyUps
Last updated by John Mangos on

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The 109,000-member FiftyUp Club has today backed Nationals Senator John Williams’ call for a Royal Commission into the financial planning industry.

As a leading voice for older Australians, the FiftyUp Club believes the latest revelations that 750 NAB customers have received compensation over the past five years for inappropriate advice has shattered public trust in the industry.

These revelations follow separate scandals at CBA and Macquarie Private Wealth, prompting Senators to point out systemic problems in the industry.

Senator Williams made his call for a Royal Commission as the corporate watchdog prepares for a grilling in Senate Estimates this week.

“These are very serious problems which affect the life savings of many hard working older Australians,” FiftyUp Club Chairman John Mangos said today. “This is an industry built on trust, and that trust is now well and truly broken.We have reached a point where no-one can be sure whether their savings have been invested properly until the industry is cleaned up by external forces. We don’t call for Royal Commissions lightly, we know it’s another drain on the public purse, but confidence is now so low the broom needs to go through.”

Mr Mangos said the practice of compensating victims in secret meant there was a risk many customers may be unaware they received bad advice.

The FiftyUp Club has 109,00+ members aged over 50. It uses their combined bargaining power to unlock offers and lobby policymakers on their behalf.

Originally posted on .

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FiftyUps Support Royal Commission into Financial Planning

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Deirdre
Deirdre from NSW commented:

How can adviser who has only been in the work force a short give advice about investments. As far as I am concerned an older person who has studied and become familiar with the trends are the only ones to give advice and the banks don't seem to have people who have this knowledge. Most of the fees are a rip off. Deirdre Scharkie 

Keith
Keith from NSW commented:

Don't trust so called advisers. It is far better to use your own brains & a bit of effort. That way you can make good investment decisions & also not have to pay fees. 

Sandra
Sandra from NSW commented:

Yes, why does my industry fund blanketly charge $2,500 to change my money from super to an allocated pension? This is more than I made in three weeks of full time employment! 

Kerri
Kerri from NSW commented:

I can only say also, it's about time... 

BILL
BILL from QLD commented:

I can only say its about time. Never had much Super as I started late, but what I did have was reduced by what I believe is Lack of management and fees that were excessive and an almost complete lack od REAL advice. Information has always been vaqgue and impossible to act upon. I believe it was simp[ly gioven to enable the advisor to comply with the law. 

Warren
Warren from NSW commented:

What about the purported $80Million paid to Union Directors by Industry Superannuation Funds collectively per year - most of which ends up in Union Funding - what a rort! 

Miriam
Miriam from NSW commented:

I have been a victim. 

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