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CBA admits to charging dead clients for financial advice

The banking Royal Commission has heard today some Commonwealth Bank advisers have been charging dead clients for financial advice, in one case, for 10 years.

A 2015 document from a CBA subsidiary found advisers were charging on-going service fees after their clients had passed away.

In one instance, an adviser knew their client had died in 2004 but was still receiving $65 a month in fees in 2015.

CBA has admitted it only warned planners to cease the practice, rather than referring the matter as a breach to the corporate regulator.

Chris Kenny speaks with former ACCC Chair Professor Allan Fels.

“I don’t think the answer to all the problems we’re hearing is just a bit more regulation.

“I think the conflict of interest is so deep, the behaviour so systematic, you have to go deeper.”

Listen to the full interview below 

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