A report released by ASIC last Wednesday found 68 per cent of client funds across the licensees owned by AMP, ANZ, Commonwealth Bank, NAB, and Westpac were invested in in-house products.
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Vertical integration makes clients the ‘ultimate loser’
The findings of ASIC’s review into vertical integration demonstrate the need for “clear delineation” between manufacturers of financial products and those that recommend them, according to robo-advice firm Stockspot.
