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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including CoreLogic’s latest findings, which suggest national home values have increased at the fastest pace in over 30 years, and why he isn’t quite sure this is the case.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring travel stocks, the rising popularity of NFTs and what they are, as well as the sudden meltdown of Archegos Capital Management.

And lastly, tax and super guru Timothy Munro gives his thoughts on Paul Keating’s early release of super verdict, as well as an overview of life after JobKeeper.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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We won’t charge dead people anymore, says banking lobby

By James Mitchell

October 10 2018
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Save

We won’t charge dead people anymore, says banking lobby

By James Mitchell
October 10 2018

Australia’s banks will change their code of practice so dead people and customers receiving no services are not charged fees.

We won’t charge dead people anymore, says banking lobby

By James Mitchell

October 10 2018
Share

Australia’s banks will change their code of practice so dead people and customers receiving no services are not charged fees.

The Australian Banking Association will overhaul the way the code of practice deals with managing a customer’s estate when they have died, and fees for no service across the industry.

The reforms, prompted by the banking royal commission, will be the first of several changes from the ABA. Others include seeking new changes to the Future of Financial Advice reforms of 2013, to further reduce the incentive of commissions in financial services.

“It has always been unacceptable for any organisations to charge fees without providing a service,” said ABA chief executive, and former Queensland premier, Anna Bligh.

“This announcement will put beyond the shadow of a doubt that this practice has no place in Australia’s banking industry.

“Banks will change the way they manage a customer’s account, proactively contacting them to confirm what services are required for their investments and only charging for those provided.

“This issue of charging fees without service, particularly when customers have recently died, was raised during the royal commission and identified as unacceptable.

“When someone loses a loved one, they need support and compassion as they finalise their loved one’s financial affairs. Charging ongoing advice fees to dead people is clearly unacceptable.”

The ABA said banks are currently working with customers to refund those charged a fee where no service was provided. Latest ASIC data indicates customers will receive more than $1 billion in refunds.

“In addition to these changes, the industry is supporting legislation to remove grandfathering provisions in relation to financial advice,” Ms Bligh said.

“This is another important piece in the puzzle of ensuring there are no conflicts for advisers.”

You can read the latest on the progress of the royal commission here.

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