ASIC report highlights a deep culture problem in Australia's banks
- Written by Pat McConnell, Honorary Fellow, Macquarie University Applied Finance Centre, Macquarie University
In it’s latest report, the Australian Securities & Investments Commission (ASIC) found the big four banks sold products to some customers through their adviser network, with a fee for ongoing advice, but the advice was never given.
None of this came to light until the banks were asked by ASIC to look at adviser compensation, following...
Read more: ASIC report highlights a deep culture problem in Australia's banks