Many entrenched motivations for misconduct in the banking sector have been uncovered by the ongoing royal commission. Not least are the conflicts of interest inherent in the major Australian banks providing financial, insurance and mortgage advice and selling related products.
The banks, most recently the Commonwealth Bank (following the lead of ANZ and NAB), are already separating their wealth-management arms services such as mortgage broking, insurance and financial planning and advice in a bid to resolve these conflicts of interest.
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There’s no evidence behind the strategies banks are using to police behaviour and pay
These restructures are a step in the right direction. …
Read the full article at: http://theconversation.com/restructuring-alone-wont-clean-up-the-banks-act-99142