Financial advisers at a major Australian bank financial planning business continued to charge fees to customers they knew had died

In one instance fees were charged for more than a decade after the client had passed away

  • Adviser provided advice to a client in 2003 who passed away in January 2004.
  • Adviser is aware the client is dead but the adviser services fee continues to be charged.
  • When asked he said he didn't know what to do and had tried to contact the public trustee and had not heard back.
  • Depending on outcome, possible warning to adviser.

Misdeeds are being uncovered in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry