The Commissioner Kenneth Hayne during The Royal Commission's initial public hearing into Misconduct in the Banking, Superannuation and Financial Services Industry in Melbourne, Monday, February 12, 2018. (AAP Image/Fairfax media, Eddie Jim) NO ARCHIVING

Royal Commissioner Kenneth Hayne

Most of the headlines from the banking royal commission so far have related to rip-offs like fees for services never provided, fees charged to dead clients and rotten advice costing people tens of thousands of dollars. But there's a far bigger rip-off that is likely to go unexamined, one that costs billions compared to the hundreds of millions that the banks' and AMP's compensation bills are likely to amount to. And it affects millions of Australian consumers.