The Final Report of the Royal Commission into Misconduct in the
Banking, Superannuation and Financial Services Industry was handed
down on 4 February 2019. The Commissioner, the Honourable Kenneth
Madison Hayne AC QC, outlined a number of key recommendations to
address the issues identified by the Commission. These are likely
to have a significant implication for participants in the financial
planning sector.
Summary of the key recommendations
Ongoing fees:
In response to fees being charged where no services were
provided the Commissioner recommends that the law be amended
to:
- Require that ongoing fees be renewed annually by the
client;
- Require a record of the services that the client will receive
for the year and the total fees; and
