FOFA Anna Bligh Australian Banking Association

Australian Banking Association chief Anna Bligh.

Kudos to the Australian Banking Association for agreeing to amend its banking code of conduct to address banks charging fees for no service and charging dead people. "It has always been unacceptable for any organisations to charge fees without providing a service," ABA head Anna Bligh generously acknowledged, ahead of a media conference Wednesday morning, breaking the ABA's silence on the banking royal commission.

The ABA also intends to lobby for changes to the Future of Financial Advice (FOFA) regulatory framework to ban grandfathered commissions and trail commissions. That's something of a change of tune from 2012: