Australian Conservatives senator Cory Bernardi says the Coalition government has made a faux pas amalgamating three complaints bodies into one.
Speaking with Investor Daily, Senator Bernardi said: “It is pushing everybody into a larger corporate structure and I don’t think that’s appropriate. That’s not to say that there shouldn’t be some reform, but there is a vast difference between a banking wealth management arm, or financial planning arm, versus an independently-owned arm, versus your suburban accountant. They're all different entities, and they need to be treated accordingly.”
Senator Bernardi also spoke about the royal commission into the banking sector, saying it was hard to argue against.