Good article. Yes, of course, the root of the problem is "conflicted advise", which need not have anything at all to do with vertical integration. I agree. Yes, this is where the RC needs to have its focus.
Nevertheless, I suspect that if we are going to have a system that keeps working long after the glare of the RC is gone, that a clean seperation will be an essential part of the medicine.
Remember, there are many ways in which advise can, over time, become "conflicted". It won't always be obvious, and can relate to subtle changes in corporate culture.
Remember too that a big part of the process of reform will be about winning back the confidence of the public. The RC will be aware of this, and so will be governments and legislators.
Now is the time for change - VISIBLE change.
Ann: Investor presentation - IOOF FY 2018 results, page-142
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