Commonwealth Bank has signalled it could begin offering financial advice three years after abandoning the sector, as it expands its suite of services for young investors.
that the major banks would be lured back to the wealth management sector following Wexit because of the annuity-style revenue on offer and prospect of lifelong customers. The major US banks have moved in and out of wealth over recent decades depending on the regulatory and commercial environment.
The Quality of Advice review, chaired by Allens partner Michelle Levy, is being called on to recommend changes to make it easier for financial institutions and superannuation funds to provide simpler forms of technology-driven advice.Under existing law, personal financial advice needs to consider a client’s overall personal circumstances and act in their best interests.
It also called for a “regulatory sandbox” approach so that financial services providers could experiment with digital advice without being punished for falling foul of the law.
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