Bank charged dead customers, Australian inquiry hears

An Australian inquiry into the financial services sector heard tearful testimony from a nurse who lost her home after taking advice from a major lender, and that the country’s biggest bank knowingly charged dead clients for counsel.

The testimony was among the most personal yet at the Royal Commission that has already resulted in startling admissions of bad behaviour by firms. Government data prepared for the inquiry shows over 80,000 consumers have been given bad advice over the past decade, costing them a total A$5 billion (€3.1bn).