No political gain for inquiry into financial planners ( donors )
"Since the Senate report, the problems at Macquarie Private Wealth have emerged, the ludicrously low standards of training have been exposed, one-third of insurance advice has been found to be defective, thousands of Timbercorp victims face losing their homes, and CBA has been dragging the chain on a questionable compensation scheme for victims," he said.
"Tens if not hundreds of thousands of victims are suffering and they have done so for decades, but this government refuses to act."
Since the Senate inquiry, CBA has set up a compensation scheme available to up to 400,000 customers who may have received shoddy advice.
The inquiry, sparked by a Fairfax Media investigation into widespread misconduct among CBA financial planners and managers, also called for a wider investigation into the financial planning arms of other industry participants, including Macquarie Group.
Since the recommendations were released on June 26, ASIC has agreed to set up an Office of the Whistleblower to improve the way it deals with whistleblowers.
Forgery and deceptive practices are not enough for an inquiry by the govt though thousands have been devestated by crooks. In fact the reforms enacted to curb these " planners " have been eased by the govt. Cormann from memory trotted out the line there have been inquiries already yet the govt had an inquiry into the pink batts despite 7 already having been had. There was also the old line of its just a few rogue traders rubbish when its obvious it is systemic across the system ( big 4 & Macquarie ).
Millions for inquiries that are assessed as a political benefit and millions more for searching another countries lost plane while telling the average person to tighten the belt. Half a billion for a token force in Iraq. Token because it will not make a difference if we are there or not similar to Iraq 2nd war.
Until this govt sets an example it will never sell its flawed message. Saying one thing while doing another is saying the public will swallow anything. The polls indicate otherwise.