Banking royal commission: all you need to know – so far | Australia news | The Guardian

Protesters rally outside the banking royal commission hearing.

What have we found out so far? We’ve heard evidence of appalling behaviour by Australia’s major banks and financial planners from the past decade, including alleged bribery, forged documents, repeated failure to verify customers’ living expenses before lending them money, and misselling insurance to people who can’t afford it. In this week’s hearings, AMP admitted to lying to regulators, and the Commonwealth Bank admitted some of its financial planners have been charging fees to clients who have died. AMP’s chief executive became the first high profile casualty of the commission announcing he was standing down from the company with immediate effect.

Source: Banking royal commission: all you need to know – so far | Australia news | The Guardian