Ask for fees before you start
I was referred to a financial adviser when calling CBA, inquiring about starting a new account. I agreed to meet their chosen adviser and sat through two hours of questions whereby I provided information and said I simply that wanted to put some extra money I had into one of their funds and put the rest into super in a 1/3 - 2/3 mix - I was told at the end of this this meeting by the financial adviser that they'd draw up a plan for me, it would take a week or two and that the fee for the meeting on that day, the second meeting, and the plan wou...ld be over $4000! I think that this fee should have been discussed at the very start of the meeting especially, since most of the recommendations I won't be following, especially the insurance and ongoing advice which would have cost an extra $9000 annually - the only advice I will be following was regarding the fund that I rang the bank about in the first place! My advice to people is to ask that all fees be stated up front when dealing with any financial adviser.
Questions & Answers
I'm a 76 year old pensioner.
Has any other elderly person tried to get a refund for 'fees for no service' from the Commonwealth Bank's Colonial First State and been told NO. Then, after lengthy discussions, been made an offer, but then told that they are not entitled to interest/compensation. This contravenes enforcements issued by the Banking Royal Commission.
No the RC only makes recommendations it is then up to the govt to implement any not necessarily all recommendations. Law firms are gathering clients together for class action so keep an eye out for them as this will be your best option. The CBA is simply a filthy bank ....they can be caught with their hands in the money till and continue to deny any wrong doing.I doubt they will ever change their culture as this is where they make their profits from through screwing over their clients.
The thing is that they have already been refunding fees for no service and granting interest to consumers for years now as directed by ASIC in 2015/16.
However, as far as I'm concerned 'banking misconduct' has progressed to 'incalcitrant conduct'. I agree that their culture will never change mainly because ASIC, the so called Regulator, was toothless as well as clawless well before the Banking Royal Commission.
Get an answer from our members
Other Financial Planning Services
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.