The Banking Royal Commission was established in late 2017 by the Australian Government to report on any misconduct found in Australia’s financial service industry.

Over the past few weeks, information has been released relating to the disappointing practices that major banks and financial advisors have been employing in order to maximise profits, sometimes to the detriment of the client.

The practices that have been highlighted so far by the commission will have a negative effect on honest advisors, who will be subject to new unrealistic government legislation.

Some of our clients would already be aware that we, as tax agents, have already been imposed with legislative measures that require us to prepare extensive documentation before we can give advice relating to Superannuation pension commencements, starting Self Managed Superfunds and Limited Recourse Borrowing Arrangements.

I do agree with Tony Abbots call for the regulator to be ‘sacked’ – such has to wonder what they have been doing to allow this to happen, rather than impose more legislation on all of us.

I can honestly say that at HQB we are immensely proud of our 63 years of client service. I would like to offer anyone with concerns or doubts about what has been put before them, in respect to financial planning matters, to please contact us so that we can review it with you.

Ian Hogbin

– Posted 09.5.18

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

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