The Royal Commission mess

TL;DR

Recent banking Royal Commission reveals misconduct in the financial services industry, impacting the reputation of businesses like AMP.

Transcript

g'day and welcome to this week's video this week I'm going to make a quick comment around a MP I see recent times we've had the banking Royal Commission which has looked at misconduct in in banking in the financial services industry that's my industry I'm definitely not here to defend it I think obviously based on the revelations that have come out... Read More

Key Insights

• 🥺 The banking Royal Commission has uncovered misconduct in the financial services industry, leading to necessary changes.
• 🤨 AMP's practices have raised concerns, with the company's share price declining and the CEO resigning.
• 🍃 The limited selling options within AMP have left clients without advice and support.

Questions & Answers

Q: What is the recent banking Royal Commission focused on?

The banking Royal Commission is investigating misconduct in the banking and financial services industry.

Q: How has AMP been affected by the Royal Commission?

AMP's share price has declined due to revelations of questionable practices, such as buying back books at inflated prices.

Q: Why are sellers within AMP limited in their selling options?

Sellers within AMP can only sell within the group, as selling outside poses the risk of losing products their clients are invested in or insured with.

Q: What has been the consequence of AMP's buying back practices?

Clients who required advice and service were left in limbo when unable to sell their businesses back to AMP, resulting in a lack of support.

Summary & Key Takeaways

• The video discusses the recent banking Royal Commission, which exposed misconduct in the financial services industry.

• The speaker highlights concerns about AMP, a business that has faced share price decline due to revelations from the Royal Commission.

• AMP's practice of buying back books at higher prices and limiting selling options has left clients without advice, and the Royal Commission is addressing this issue.