banking royal commission

The financial sector is stepping up its pushback to the damaging publicity from the Hayne royal commission as Australian Bankers Association head Anna Bligh, a past master of spin as former premier of Queensland, has issued a mea culpa or three.

The campaign will see the banking code of practice reformed, fees not charged on the accounts of deceased people and grandfathered commissions outlawed. A new era is promised, but will anything really change? Will the financial impact be all that dramatic and will it really cost the banks?