Corporate regulator, the Australian Securities and Investments Commission (ASIC), has conducted a survey of conflicts of interest within the big banks and AMP, ahead of the Royal Commission which is due to start in February.
The survey found that seventy-five per cent of the files reviewed by ASIC, in which a recommendation was made to switch to an 'in-house' product, failed the best interests test.
This report has reinforced stereotypes around the big banks to consumers, as public sentiment towards conduct in the financial industry sets new lows.