The swoop of eagles, the rustle of silk

So who are the winners and losers from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry?

The lawyers, of course!

From what Outsider can tell, the Royal Commission has attracted more silk than a premium bow-tie factory and the challenge for those with an eye for high-flying legal eagles is to pick the very few who have not flocked to the party.

Related News:

Outsider knows that AMP Limited and all the major banks have been running up some substantial legal bills with teams from some of the better-known (read more expensive) law firms having spent many billable hours prepping those lucky enough to have been subpoenaed to appear.

And for those witnesses who found themselves obliged to appear two days in a row before the Royal Commission it appeared obvious that the lawyers had accumulated more billable hours in briefing their clients overnight on how not to do further damage.

Because the reality is that behind the broad acres of silk worn by the high-priced QCs representing the banks and AMP stood a phalanx of solicitors prepping their clients on how best to explain e-mails and memorandums which, with the benefit of hindsight, could best be described as unfortunate were they not so damning.

Recommended for you




What's being paid to the lawyers will not match the quantum of losses of clients at the hands of rip-off banks and deceitful financial planning companies. Lawyers are about because of others' criminal behaviours. That should have been your line.

Don't forget the ISA funds who were not brought in for questioning! Begs why 'superannuation' featured in the title at all?

Don't do a Morrison and look to blame everyone else. Don't seek to shift the blame onto others. The mess is obvious and it is obvious who made the mess. Man up and take it!

If the ISA are questioned as part of the RC I bet they don't mention anything about the accuracy of the Compare the Pair adverts and the mis-labelling of investment options. Australian Super, the largest fund and generally one of the top 5 performers for so called Balanced options is currently running a growth allocation of 83.4% for it's default Balanced option and on the website it says that over 90% of members are invested in this option. Seriously, 90% of the largest fund in Australia has an 83.4% exposure to growth assets. Somehow that fits into the category of Balanced and gets compared against a true balanced option with 60% in growth assets and then they're allowed to advertise that as outperformance. When are they going to be picked up on this? when are the non-industry funds going to argue against this? it's ridiculous.

Hware, your repeated defense of ISA, Labor and the unions is repetitious if not redundant and ridiculous. Ive read other commentators take you to task on this, with many stating factual evidence that damns them as badlh as any other organization, but still your blind allegiance (or ignorance?) shines through. Man up, boy? Love you to actually acknowledge their failings, or is that simple act of honesty beyond your false morality?

Clear undeniable evidence of false morality and dishonestly have been on show at the Royal Commission. Quite happy to see ISA et al face the music. I'm for an independent financial advisory profession.

Add new comment