Banking Royal Commission Investigates Super and Insurance Sectors
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has opened its sixth round of hearings, with the superannuation and life insurance sectors under scrutiny.
It was alleged during the royal commission that several bank-run super fund companies did not look for the most competitive rates for their members, often putting their money in other related companies. Now law firm Slater and Gordon have put into motion what could become one of Australia’s largest class-action lawsuits against the big banks.
Meanwhile, insurance companies were accused of using aggressive cold-calling tactics to sign people up to their life insurance policies. In one instance, a mentally disabled man signed up, despite not understanding how life insurance worked.