On 10 October, in response to the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, the Australian Bankers’ Association (ABA) announced that the Banking Code of Practice will be changed to end ‘fees for no service’, and to improve the way banks manage a deceased estate.

Once notified of a customer’s death, banks will proactively identify fees that are for products and services that can no longer be provided in the circumstances, and stop charging those fees and refund any paid.

Further, the ABA said it will seek new legislation to end grandfathered payments and trail commissions for financial advisers.