Choice has questions to answer, says FSC
The integrity of consumer group Choice over its potentially conflicted partnership with One Big Switch has been questioned yet again, with Financial Services Council chief John Brogden urging the group to come clean about its remuneration arrangements with One Big Switch.
Brogden's call came after it was reported Choice would receive a commission for its role as an intermediary in the "Big Bank Switch" campaign.
The FSC chief questioned whether the consumer group backflipped on its position outlined in its submission to the Parliamentary Joint Committee inquiry into financial products and services in Australia, where it stated that "commissions created an unacceptable conflict of interest".
Brogden said Choice had a number of questions to answer, particularly about its remuneration arrangements with One Big Switch.
He further questioned whether the group rebated all or any fees it received back to consumers,
"When Choice says it will disclose any remuneration it receives for its role in the Big Bank Switch, has it changed its position from its submission to the PJC where it stated that it 'does not believe that conflicts of the magnitude presented by commissions can be addressed through disclosure'," Brogden said.
AUTHOR
Milana Pokrajac
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