The "Big Five"
The Banks and AMP make up the “5 Pillars” and after a series of mergers (aka takeovers) in the 50’s and 60’s the Government resolved that none of the Big 5 would ever be allowed to merge with each other.
The Banking Royal Commission has almost been getting as much publicity in the press as that normally reserved for Rugby League. Public bank bashing has advanced significantly.
I think this is unreasonable and I have no problem with the concept that a bank can also own a funds management company.
My concern, and that shared with many independent colleagues in the financial planning world, is the perceived and, in some cases, actual bias shown by advisers employed by the banks, whose focus is SOLELY on recommendation to their clients of investments from which their employers derive financial benefit possibly to the comparative detriment of their clients.
“Why not?” you might say. One could hardly expect the concierge of a big city hotel to suggest to guests booking in that the hotel across the square offers better value for money.