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22 Aug 2014 (TheAge) – David Murray signals push to protect clients of financial advisers

(22 August 2014, The Age, BusinessDay, p22, James Eyers)

‘The “vertically integrated” banking model, under which banks sell advice to existing customers, is squarely on the radar of financial system inquiry chairman David Murray, who has indicated his final report may call for changes to the way banks remunerate advisers to restore trust with customers. In a speech in Sydney on Thursday, Mr Murray expressed concern about “excessive complexity” in the sale of financial advice and lamented the lack of a “best practice model” for paying financial advisers. He said the inquiry considered disclosure and financial literacy as important but insufficient to protect clients of financial advisers.’



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