What's up with Vanguard?BY CHRIS BRYCKI | SUNDAY, 31 JUL 2022 11:19AM On my desk sits a copy of Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever by Robin Wigglesworth (Penguin). It's a fantastic ... Upgrade your subscription to access this article
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MAGDELINE JACOVIDES
FOUNDER AND FINANCIAL ADVISER
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Their submissions is a bit shocking honestly. They're basically ignoring the entire Royal Commission and want to be allowed to flog their own products like salespeople that used to masquerade as "advisers" used to. Whoever signed off on that Vanguard submission should be bloody ashamed of themselves. Talk about not reading the room.
And worse, in my opinion, is that by allowing Vanguard to do this the door will be opened for a legion of the usual shonks and spivs to fleece the unsuspecting public of their money. The Safe Harbour Steps are all that's there to ensure the Best Interest Duty is being met. Vanguard has submitted that "I promise to be good" should be enough to satisfy the regulator.