By Helene Fung
Australia’s big banks are holding its breath before the release of the Royal Commission’s report into financial services.
The Commission’s final report will be made public today, after it has been delivered to the Government House in Canberra on Friday.
The whole country has watched the heads of the “Big 4” banks and AMP being grilled by the Banking Royal Commission last year, and been outraged at revelations of alleged misconducts their staff committed.
Elson Goh, a Certified Financial Planner, shared with us his take on what could be in store, and what it means for young Australians.
Mr Goh believes that rules and regulations will be tightening and he urged young Australians to “be aware” and understand their relations with the banks.
“There will be tightening in lending, there will be some form of changes in terms of how we engage the banks, and access to their products,” Mr Goh said.
“Certainly in the past when banks have been cross selling own superannuation productions and their own investment products, that will probably be a bit more transparent, which is a good thing for consumers.”
“You can expect to see banks hopefully getting their administration in order, so that un-necessary fees that are being charged for accounts that doesn’t exist or people who don’t exist will probably be less common.”
“I think going forward, young people should be aware that they are going to be engaging to be involved with the banks for many years to come, especially if they get their first home, they will be at the mercy of financial sector and any form of changes for the better is always good for them (young Australians).”