1200 PAGES INTO 99 WORDS
Haven’t got time go through Commissioner Kenneth Hayne ‘s entire 76 recommendations and 1200-page final report? Here’s our super-short overview:
Borrowers, not lenders, will pay mortgage brokers’ fees.
You’ll only have one default super account.
Hard selling and cold calling for super and insurance will stop.
Advice fees can’t be deducted from many super accounts.
Fees paid to financial advisers must be agreed annually, and in writing.
Life insurance commissions to be reduced, eventually to zero.
Funeral insurance and car dealer finance to be subject to consumer protection laws.
Dishonour fees on basic bank accounts to be banned.
Regulators and watchdogs get beefed up.
Criminal charges loom for some financial institution bosses.
Both sides of politics support the recommendations.