Thanks for logging in.

You can now click/tap WATCH to start the live stream.

Thanks for logging in.

You can now click/tap LISTEN to start the live stream.

Thanks for logging in.

You can now click/tap LATEST NEWS to start the live stream.

LISTEN
Watch
on air now

Create a 4BC account today!

You can now log in once to listen live, watch live, join competitions, enjoy exclusive 4BC content and other benefits.


Joining is free and easy.

You will soon need to register to keep streaming 4BC online. Register an account or skip for now to do it later.

Advertisement
Advertisement
Advertisement

Commonwealth Bank to refund fees charged to dead clients

Article image for Commonwealth Bank to refund fees charged to dead clients

Commonwealth Bank is launching a remediation program for deceased estates after charging dead customers fees for unauthorised financial advice.

CBA Wealth Management CEO Michael Ventner says plans announced on Monday by the bank are a direct response to issues raised in the royal commission, which heard instances of CBA advisers charging dead clients fees in 2015.

The bank said it will forgo $45 million in annual income from January by rebating grandfathered financial planning commissions and cutting fees on legacy wealth products.

Independent Financial Advisors Association President Daniel Brammell tells Ross Greenwood it questions the culture within the organisations.

“What it has exposed in the royal commision that stunned everybody is the dirty underbelly that the banks are concealing

“Here they are able to spend hundreds of millions of dollars remediating things when it’s brought into the open light of day… but they didn’t have systems to be able to tell what was going on internally.”

Click PLAY below to hear the full interview

Deborah Knight
Advertisement