Scott Morrison's Trump-like lie about financial services yesterday suggests he has no interest in facts at all.
If the Liberals hadn't been so determined to protect their big bank and financial adviser mates, much of the "fees for no service" scandal of recent years would never have occurred.
The major bank lobby group now wants to fix the Future of Financial Advice framework, but it was one of the major players in trying to water it down as much possible. It owes the community an apology.
The poor quality and lack of professionalism of financial planners is a huge problem for all Australians.
What's left of the vertically integrated wealth management model, under which big banks and AMP ripped off consumers for years, was destroyed at the banking royal commission yesterday. And there's more to come.
The era of big banks being all things to all people is coming to an end as the majors offload their wealth management and insurance arms.
With the banks brow-beating the government over price-signalling, we can't afford to dump laws that protect the public.
The government's Future of Financial Advice reforms are law (just about). But what do they actually mean? And if you don't have a financial adviser, why should you care? Crikey's business editor breaks it down.
The demonstration of bank power on the FOFA repeal illustrates the challenge of effectively regulating a sector that is beginning to dominate the Australian economy, write Bernard Keane and Glenn Dyer.