Greens push for financial advice changes

Greens Senator Peter Whish-Wilson will table a bill to change the Corporations Act to to assert that any "general" advice a bank gives a customer should be reclassified as "general information".

The bill seeks to clarify the difference between "personal" advice - advice that takes into account a customer’s personal circumstances - and the sales information a bank gives when it is trying to sell a product.

The idea is also supported by ASIC, which in its submission to the Financial System Inquiry said "renaming general advice that is primarily directed at generating sales would better reflect that nature of the activity, and would assist in clarifying its purpose for consumers". 3 Dollar’s strength sparks calls for interest … Like father, like son.

Read more here: SMH


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