Unless you have been living under a rock, which might actually have been a better option for some, the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has certainly left its mark on the industry.
The real shame, however, is that the tens of thousands of genuinely good people who work in the industry are now painted with the same brush as those who put their own or their firm’s interests before their clients’.
Unless there are serious changes in how the industry operates, the issues that have been exposed so far are likely to just pop up again elsewhere in the industry, profits are likely to remain high and before long, it will be business as usual.
We are therefore likely to face continued public mistrust and scepticism about how much value the industry actually provides to Australians, particularly in an environment of low economic growth. I for one am not sure if this is the future we want for the industry.
For a start, we must seriously question the value we deliver for the fees that we charge. The image of an industry that prospers, whether the client sinks or swims, unsurprisingly attracts a lot of resentment and has to change. And changing it is up to us.