I think you will find it was in 1992 under the Keating labour government. IMHO this whole mess starts with compulsory superannuation, and received a boost in 2011 when defined benefits were changed out for accumulation funds. The later policy inparticular placed retirement risk on the shoulders of ordinary folk and forced them to seek out financial planning advise due to the lump sum payouts they received. Combine this with an industry that does not have professionalised participants (read it is a low bar of entry to be a financial planner) and and lax oversight from both internal auditing and the regulator it created the perfect storm that is now playing out at the RC.
