April, 08, 2010

Grahame Evans, managing director for Sydney at Australia-based Professional Investment Holdings, said: "The banking industry in Australia would like to see IFAs disappear as it goes through its own version of the retail distribution review and a similar thing could happen here."Mr Evans said there was the possibility that the banks will own all of the advice distribution in the country.

The Australian review includes: the actions, behaviour and operations of the adviser; pensions; and a tax review.The FSA and its Australian counterpart the Australian Securities & Investments Commission, have been comparing notes about the future of distribution including the exchange of staff, according to Mr Evans.He said: "We are going through a similar process that you have gone through in the UK as a result of an adviser business that lost thousands of dollars of its clients' money.

.

.