Whipp News: Commonwealth Bank Controversy

The banking royal commission has heard the Commonwealth Bank regularly charged deceased customers for financial advice. In one case, an adviser knew his client had been dead for more than a decade, but continued to collect service fees.

Prime Minister Malcolm Turnbull ordered the royal commission last year following a series of scandals involving financial misconduct.

The Commonwealth Bank has been under scrutiny recently for alleged breaches of anti-money laundering laws, and for providing inappropriate financial advice to customers.

Treasurer Scott Morrison has warned financial executives could face jail sentences from evidence brought up at the commission.

 

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