Just two more examples of why we need a Royal Commission into the banking industry

The Age reports: A 97-year-old victim of banned Commonwealth Bank star financial planner “dodgy” Don Nguyen is fighting the bank for compensation after hundreds of thousands of dollars of her retirement savings were destroyed.

Mrs K, who asked her full name not be used for privacy reasons, lodged a claim with the bank’s compensation program more than 18 months ago.

It must be one of many stories of older people being defrauded by sharp talking con men. There will always be sharp talking con men but why is it that so many of them seem to wind up working for a major bank?

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Former Commonwealth financial planner Don Nguyen provided advice that cost a 97-year-old $600,000

On the present rate of progress, that means that it will be just over 20 years before all the claims are heard.

Probably too late for a 97-year-old.

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