Submission

Tuesday, 20 March 2018

Competition in the Australian Financial System – Draft Productivity Commission Report

AIST agrees with the draft Report’s themes that consumers are losing their market power to shareholders and this causes consumer detriment. A consumers first approach is needed through ensuring general advice is unconflicted, conflicted advice is renamed to reflect its sales/commissions based purpose, disclosure gaps are addressed, and that the complete chain of product manufacture and distribution is accountable for consumer outcomes.