The "fees for no service" scandal engulfing Australia's major banks has forced the industry's peak lobby group to overhaul a key section of its recently revamped code of practice.
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In addition to outlawing fees charged to dead people, the Australian Banking Association will seek new legislation to abolish lucrative "grandfathered" payments and trailing commissions that have in some cases encouraged financial advisers to put their own interests ahead of customers.
The drastic move comes after the banking Royal Commission's interim report was scathing about "a culture of greed".
Australian Banking Association chief executive Anna Bligh spoke with ABC's Peter Ryan on the AM program
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