What Does Kenneth Hayne’s Banking Royal Commission Mean for You?

We've always known that banks were bastards; now we have the proof. All of the head honchos ( including those that jumped ship - CBA take note ) should be charged with whatever applies, and if found guilty, sent to gaol and their assets ( accumulated through obscene salaries and bonuses ) confiscated as the proceeds of crime. That might fix things. 

On retirement in 1990 I took out two policies with CBA's insurance arm (which later morphed into Colonial Mutual) . This involved an investment of around $150K which promised to give me a small but secure pension. In October 2018 CBA sold its insurance arm to a Chinese (PRC) company. No consultation with Australian policy holder/retirees at all. It seems to me that the premise on which we made these retirement investments has been drastically changed because we now presumably will carry the very real Sovreign risk that attaches to China (PRC) and could conceivably lose these retirement assets. In the current volatile state of the World Economy and the increasingly hostile rhetoric between USA and China (PRC) this seems to be a very real concern. These investments ("Allocated Pensions") were encouraged by the Federal Government because of their propensity to reduce retirees' access to Aged Pension benefits. I don't think that this particular high-handed behaviour by CBA was touched on by the Banking Royal Commission. Any insights on this by the FiftyUp Club and its members would be greatly appreciated. Perhaps CBA has put safeguards in place to protect its erstwhile policy holders. 

Approximately 5 years ago I went to Westpac to see a financial adviser, she said 'pay off your mortgage as soon as you can' I was in my 60's... DUH!! I was charged approximately $2000 for this advise which would have been ongoing had I not cancelled it. The advise was a total rip off! 

Too little too late.s Whats not included.? I interest on pensonets borrowmg against homes...its higher than usual mortgage rates. 

Financial Planners put a standard portfolio in place. Then charge you each month, up to 1% per annum of market value and review every six months. Little better than no service. This is a growth industry. Little wonder! 

We were talked into crisiscare by an acquaintance with AMP and paid over$100000 and now worth nothing. I had a tachycardia attack and flown to Brisbane, thedoctor and specialist considered it a crisis but not AMP their doctor said no. So I hope they cope a dig in the ribs even though we are shareholders in AMP but everyone makes mistakes. 

Had a policy with NAB for $690,000. The premium was $980 per month. Had to give it up because we could not afford the cost. 

My husband and I paid a ‘Life Advice Fee’ to our Superannuation company on a monthly basis for a number of years (a significant amount). We ultimately decided to cancel this service as we could see ZERO benefit in keeping it running. We advise people who have this ‘service’ to review their exposure to these types of fees as the Royal Commision ‘fee for no service’ scandal really hit a nerve with us. 

To me, and many more like me, the Royal Commission means only that I am poorer for the experience, and many lawyers are much wealthier. If the Government had done their job by having the relevant bodies like ASIC doing their jobs, the Royal Commission would not have been necessary. 

It doesn't take into account the people that have been ripped off with their superannuation. I had a policy with one of these companies that according to the paperwork would pay me $216,000.00 at the age of sixty. It paid $69,000.00. No one wants to look into that.