Financial Services Minister Kelly O’Dwyer will announce on Monday that the government will create a new independent standards body with broad powers to govern professional standards for financial advisers, including setting a code of ethics.

The big banks and the AMP will bankroll the establishment of the statutory body …

The Australian Financial Review can also reveal that the corporate regulator next week will release a bombshell report that reveals the big banks and AMP have been shortchanging tens of thousands of customers tens of millions of dollars by charging them for services they didn’t receive… .

Adele Ferguson writing in the Australian Financial Review Monday 17 October 2016.