Close This website uses modern features that are not supported by your browser. Click here for more information.
Please upgrade to a modern browser to view this website properly. Google Chrome Mozilla Firefox Opera Safari
your legal news hub
Sub Menu
Search

Search

Filter
Filter
Filter
A A A

Bank charged dead clients for advice, hearing told

Publish date: 19 April 2018
Issue Number: 607
Diary: Legalbrief Forensic
Category: Corruption

Commonwealth Bank of Australia’s financial advisers have charged dead clients for financial advice, in one case for more than a decade, in shocking evidence heard at the banking royal commission, notes a report in The Guardian. It says the commission was given evidence from a 2015 document for CBA’s Count Financial business that showed multiple examples of financial advisers charging ongoing service fees to clients who had died. One adviser knew that a client had died in 2004 but he continued to charge adviser service fees that kept being charged for a decade. The adviser was getting about $65 a month in fees in 2014 and 2015. Another adviser was found to have been charging service fees for multiple clients with no evidence of ongoing services being provided. The report notes that yesterday (Wednesday) the bank admitted to being the worst financial services entity in Australia for charging customers fees for financial advice they never received.

Full Premium Times report

We use cookies to give you a personalised experience that suits your online behaviour on our websites. Otherwise, you may click here to learn more, or learn how to block or disable cookies. Disabling cookies might cause you to experience difficulties on our website as some functionality relies on cookie information. You can change your mind at any time by visiting “Cookie Preferences”. Any personal data about you will be used as described in our Privacy Policy.