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@monman12 wrote:"bottom line is do your own research......................." Spot on TH. However, research is something many are averse to, including here, and I do not consider C&P,s research
CBA chief executive Mr Narev sent a note to his 50,000-plus employees on Friday.
In his note Mr Narev maintained that “the actions that gave rise to these issues were those of a minority, five or more years ago . . . that said, we need always to be open to the views of our stakeholders”.
Five or more years ago???? the Circus was in town then, with the two rings, a knife throwing act, Caucus Clowns, and Poor Me and Rudd were too busy "performing" to oversee those not wise enough (or greedy) to organise their own finances. Myself I am a devout fan of CBA because:
That is just the share price, the dividends (FF) are very good also.
With respect, John, that's a bit like saying anyone can write a book - all you need is a dictionary and thesurus, or telling a tone deaf pesrson that anyone can become an opera singer. Not everyone has the intelectual or eductational background to be their own financial advisor and thery have to be able to trust that the professionals they PAY to advise them are going to act in their clients' best interests..
"and I imagine all this has a lot to do with the Government removing consumer protection in the financial industry to help protect the big end of town while the rip off the masses"
Imagine away but, the consumer protections (which ones?) have just been introduced by regulation (Ist July). However, when did a lot of these financial planning advice problems occur, in the time of the Circus perhaps?
"CBA is set to make a record profit this year of more than $8 billion.I do not personally have enough money to purchase CBA shares but I am a VERY unhappy savings account customer of 45 years.I am DISGUSTED."
What does the overall CBA Bank (trading bank) profit have to do with the disgraced CBA financial planning arm? "Record profit" that is a broken annual record played by those who do not appreciate the economies of scale involved while forgetting that most things will be at record levels every year, hint: INFLATION.
"I am a VERY unhappy savings account customer of 45 years.I am DISGUSTED."
You are stuck in an unhappy rut by the sound of it, hint: change your bank
If you bothered to read the whole article P007 you would have noticed this at the end:
"This all feeds into the bigger issue that we still need root and branch reform of the regulation of financial advice. Labor went too far in one direction, the Coalition are going too far in pulling it back.
But more fundamentally, neither really got to grips with the reality of what the saver wants and needs and equally the forces driving the planner and the financial institution.
Meanwhile, the pile of superannuation money continues to grow (RECORD LEVELS), just as the needs of both individual savers and the society more broadly, that it be put to effective use."
PS
Australia average weekly wages will be a RECORD in 2014.
