Banking royal commission: CBA agrees it is the 'gold medallist' at fees for no serviceThe Commonwealth Bank has admitted to being the worst financial services entity in Australia for charging customers fees for financial advice they never received. Senior executives from CBA faced the banking royal commission on Wednesday, where they were forced to explain the layers of fees CBA’s financial advice businesses charge customers. As the royal commission rolled on into the afternoon, the former prime minister Tony Abbott was asked during his regular Wednesday afternoon interview on 2GB radio if he could now finally admit he was wrong to oppose a banking royal commission. Before this week’s royal commission hearing, CBA and Asic announced an agreement over an advice refund program involving two bank subsidiaries. Commonwealth Financial Planning and the now-closed BW Financial Advice have paid $88.6m in compensation to 31,500 customers who did not receive an annual review as part of their financial advice service package.

Source: The Guardian April 18, 2018 05:26 UTC