You can’t make this stuff up
Who, within National Australia Bank and MLC, came up with the notion of “fair exchange of value” to cover a situation where members of MLC Superannuation would continue to be charged a fee for getting financial advice even if they did not avail themselves of it.
Outsider is not unacquainted with the arcane workings of major corporates, but even he was left gob-smacked by the time it took for a major banking group to conclude that if a superannuation fund member did not have an adviser then it would be bloody hard to justify charging an advice fee.
Thus, if the Royal Commission has done nothing else it has validated some of the complaints of Australian Securities and Investments Commission personnel that dealing with some banking entities over a breach report can feel like swimming in treacle.
Perhaps this viscosity explains why it can take more than four years for a report to be lodged with ASIC after a breach occurs and a further 18 months before anything actually occurs.
Outsider wonders whether the treacle tide will turn when the Royal Commission concludes.
AUTHOR
The Outsider
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