You have probably seen the recent media related to the Royal Commission currently being conducted into misconduct in the banking, superannuation and financial services industry.
This week and last week the Royal Commission focused on fee for no-advice, product platform fees and inappropriate advice. This will highlight the conduct of the large Financial Institutions as well as some of their advice practices and some advisers, as well as detailing cases and breaches that have occurred previously over several years.
Some of these cases and areas of focus have already lead to significant legislative, regulatory and business changes, such as the Future of Financial Advice (FOFA) in 2014 and the proposed Financial Adviser Standards and Ethics Authority (FASEA) reforms. As a result, legislation and regulations have changed, and the way we operate has moved with the times.
EK Financial Group fully supports the Royal Commission as the additional transparency it brings will help raise the standards across our industry, which will help to meet the legal, ethical and social expectations of clients.
All I can say is that my team and I have always, and always will have your interests at the centre of everything we do. It’s disappointing to read about how some advisers (very few) have not done the right thing for their clients, and how this can reflect on the entire industry and what we do.
EK Financial Group has been around for 31 years since my dad Edward Kane started the business back in 1987. We have survived through a lot of change and I can tell you, we are not going anywhere. The team and I will continue to support you and help guide you to reach your financial goals, whatever they may be. Times like this just make us stronger and I would like to thank you all personally for sticking by and believing in us.
I can promise we will do everything to make this easy for you and are here to help, answer questions and settle your concerns. If we can ask you to please be patient at this time as you will continue to hear about the Royal Commission and AMP in the media and it may take some time to settle down.
As more news unfolds we will keep you posted but if you have any concerns please don’t hesitate to send me an email and I will respond as quick as I can.
Yours Sincerely,
Aaron Kane
Managing Director of EK Financial Group
