All eyes will be on the release of the Murray report into the financial system this Sunday.
The release of the report by Treasurer Joe Hockey follows heartfelt comments from the Australian Securities and Investments Commission chairman Greg Medcraft this week at the National Press Club that as Australians retire they want to be able to go to an adviser that they know is incented to look after their interests and no-one else’s interests.
According to the Financial Review the ASIC chairman became emotional while talking about financial planning standards.
“Its absolutely appalling and its something we’ve got to do something about.” Reported the AFR.
Mr Metcraft said aspiring would-be financial planners to sit a competency test, is one of the three key outcomes he wanted to emerge from the Murray financial system enquiry.