Original article by James Kirby
The Australian – Page: 22 : 4-Jul-18
Macquarie Group’s decision to scrap trailing commissions for financial advisers has been welcomed by Bernie Ripoli, who played a key role in the Future of Financial Advice reforms. However, so-called grandfathered commissions are still widely used in the financial services sector four years after the FoFA reforms. There is speculation that the banking royal commission will recommend the abolition of trailing commissions. Ripoli says other banks could potentially opt to voluntarily scrap them.
MACQUARIE GROUP LIMITED – ASX MQG, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, BT FINANCIAL GROUP PTY LTD, WESTPAC BANKING CORPORATION – ASX WBC, AMP LIMITED – ASX AMP, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, SAS GROUP CONSULTING