Round 2 hearings

Financial advice

The second round of public hearings will be held in Melbourne at the Owen Dixon Commonwealth Law Courts Building at 305 William Street from Monday 16 April to Friday 27 April 2018.

The second round of public hearings will consider the conduct of financial services entities that provide financial advice to consumers, including the treatment of consumers, compliance with the law and community standards and expectations, and the sufficiency of the current legal and regulatory structure.

The Commission presently intends to deal with financial advice for the purposes of the public hearings by reference to the case studies set out below.

 

Topic

Case Studies

1.

Fees for no service

  • AMP, AMP Financial Planning Pty Ltd, Charter Financial Planning Ltd and Hillross Financial Services Ltd
  • CBA, Commonwealth Financial Planning Ltd and Count Financial Planning

2.

Investment platform fees

  • AMP
  • CBA

3.

Inappropriate financial advice

  • ANZ, RI Advice Group Pty Ltd and Millennium 3 Financial Services Pty Ltd
  • Westpac and BT Financial Group
  • AMP, AMP Financial Planning Pty Ltd, Charter Financial Planning Ltd and Genesys Wealth Advisers Ltd

4.

Improper conduct by financial advisers

  • NAB
  • ANZ and Millennium 3 Financial Services Pty Ltd

5.

The disciplinary regime for the financial advice profession

  • ASIC
  • Financial Planning Association of Australia Ltd
  • Association of Financial Advisers Ltd
  • Dover Group

During the hearings, evidence will also be given by consumers of their particular experiences. The entities that are the subject of consumer evidence will be informed by the Commission.

Further topics may be included and the list above will be updated accordingly before the hearings commence.

Leave to ​​appear

If you are having difficulty viewing any of the documents on this page, or require an accessible format, please email FSRCenquiries@royalcommission.gov.au.

If you are unable to communicate via email please phone the Royal Commission on 1800 909 826 to make alternative arrangements.

Written submissions

The following written submissions were received from parties with leave to appear in response to Round 2 hearings on Financial Advice.

Exhibits

  • Exhibits for Round 2 hearings are available on the Exhibits page.