Calls for user-pays system for regulating financial planners

By Georgia Wilkins
Updated October 27 2014 - 6:23pm, first published 5:44pm
Criminal charges are yet to flow from the Commonwealth Bank financial planning scandal, despite allegations of fraud and forgery.
Criminal charges are yet to flow from the Commonwealth Bank financial planning scandal, despite allegations of fraud and forgery.

The government is facing calls to introduce a user-pays system for regulating the financial advice industry to give the corporate regulator a much-needed injection of funds. It comes as the Coalition faces fresh criticism over its push to water down financial advice rules and in the wake of its refusal to hold a royal commission into the Commonwealth Bank of Australia, part of its response to a landmark Senate inquiry.

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