High price for advice

Jun 22, 2008 (The Australian Financial Review - ABIX via COMTEX) -- WES | Quote | Chart | News | PowerRating -- The Australian Government has issued its green paper on financial services and credit reform. It is part of its reaction to collapses that could cost investors up to $A2.7 billion, including those of Westcorp, Fincorp, Lift Capital and Opes Prime. The paper proposes measures such as increased regulation of many parts of the financial services sector, but takes a softer stance on financial planners, who are used by five million Australians. Class actions are being taken against planners involved with failed companies. Part of the problem is the potential for bias in the payment of commissions.

Publication Date: 21 June 2008

AUSTRALIA. DEPT OF THE TREASURY OPES PRIME STOCKBROKING LIMITED WESTCORP GROUP FINCORP GROUP HOLDINGS PTY LTD LIFT CAPITAL PARTNERS PTY LTD CENTRO PROPERTIES GROUP - ASX CNP OCTAVIAR LIMITED - ASX OCV SLATER AND GORDON LIMITED - ASX SGH BARZEN PTY LTD FEDERAL COURT OF AUSTRALIA AUSTRALIAN CAPITAL RESERVE LIMITED NATIONAL AUSTRALIA BANK LIMITED - ASX NAB MLC LIMITED AUSTRALIAN CONSUMERS' ASSOCIATION AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION GREAT BRITAIN. FINANCIAL SERVICES AUTHORITY GODFREY PEMBROKE FINANCIAL SERVICES LIMITED SWAN FINANCIAL GROUP PTY LTD NEWSPOLL MILLWARD BROWN AUSTRALIA INDUSTRY FUND SERVICES PTY LTD FSI CONSULTING PTY LTD FINANCIAL PLANNING ASSOCIATION OF AUSTRALIA LIMITED NEWS CORPORATION - ASX NWS

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