Commonwealth Bank’s financial advisers have charged dead clients for financial advice – in one case for more than a decade – according to shocking evidence heard at the banking royal commission. 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 continued to charge adviser service fees that kept being charged for a decade. Read moreAnother adviser was found to have been charging service fees for multiple clients with no evidence of ongoing services being provided. On Wednesday the Commonwealth Bank admitted to being the worst financial services entity in Australia for charging customers fees for financial advice they never received.

Source: The Guardian April 19, 2018 02:04 UTC