The Royal Commission has begun what is likely to be an extended review of the financial services industry. Whilst many may have resisted it’s establishment, every journalist and every politician is now very much on board. After the outing of AMP’s grubby practice of “fees for no service”, and the resultant “heads will roll” exercise, every board member and every CEO of our once mighty financial service institutions must feel their heads nodding precariously.

Like many others, I watch with interest as the Royal Commission continues it’s journey of discovery, and starts to dive a few feet below the waterline of the fees iceberg. Then it will get really interesting. Like David Attenborough in a mini-sub, I suspect they will shine a light on some other murky super fund practices. This deep dive could uncover activities such as “fees for lost members”, “fees for inactive members”, “life insurance for inactive members”, or the oxymoronish, “life insurance for dead members”.

Heads will start rolling like jacks at a lawn bowls competition!