Asic accuses banks’ financial advisers of working against customers’ interests

Watchdog says advice frequently risked leaving customers in worse financial position

The financial advice arms of Australia’s biggest banks have come under fire again, with the corporate watchdog finding their advisers failed to comply with the best interests of customers in 75% of advice files reviewed.

The Financial Services Council is already in damage control. It has pledged to work with the regulator and individual financial licensees to “compensate clients and make things right” where necessary .

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