No real surprises in banking royal commission: Bailey

February 22, 2019

The Conservative Party's Victorian Senate candidate Kevin Bailey has been calling for reform of the banking and financial advice industry since 1992 and only this month did the Banking Royal Commission recommend most of his suggested reforms.

Back in 2010, the Weekend Australian ran a story detailing Bailey's concerns with the industry and reading that article today, you can see just how prescient he was.

The article says that after Bailey stepped out of the SAS in the late 1980s and into the era of greed is good, he discovered an industry that had an opaque network of hidden commissions paid by investment houses to financial advisers.

Within a few years, Bailey had taken on the entire industry, declaring from 1992 onwards that such practices were unethical and should be abandoned in favour of transparent, fee-based remuneration.

27 years on, the reforms outlined by Bailey have become part of the sweeping changes recommended by Kenneth Hayne's (pictured) Banking Royal Commission.

Just about everything contained in these recommendations was spelt out by a 32-year-old Bailey at the Financial Planning Association's inaugural annual conference in 1992.

Mr Bailey has told ABC radio that the industry should operate on a fee-for-service basis, the same way that doctors and accountants charge fees, rather than pocketing secret commissions.

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