Would you take advice from a bank?
A consumer backlash is underway against financial advice provided the big four banks and AMP, which together control 85 per cent of the 16,000 financial advisers in Australia.
Commonwealth Bank, National Australia Bank, ANZ and Macquarie have all been hit by scandals in the last year.
Many bank controlled advisers may have acted against the best interests of their clients and recommended products owned by their employing banks.
ASIC will launch the national financial planner register on 31 March 2015.
Source: The Age