When Teagan Couper’s father Noel was diagnosed with pancreatic cancer, his family felt secure that his life insurance policy would be enough to financially compensate his death.
Soon after the Shellharbour man’s terminal diagnosis, however, they discovered the high-risk policy recommended by the Commonwealth Bank was in fact almost devoid of funds.
Mrs Couper challenged the bank through the courts - and won - on the eve of Noel Stevens’ death.
But the matter was not settled there, with the Commonwealth Bank launching an appeal just before Mrs Couper buried her father.
Mrs Couper and her family won a second time. "It was horrendous," the young mother of two said.
"We were treated like nobody. My dad was fighting with cancer at the time," she told Fairfax Media. "They just treated us like ants basically."
The bank is on record as saying it "regrets" putting Mr Stevens in that type of policy, but Mrs Couper said she has yet to receive any kind of apology. Mrs Couper is one of many victims of alleged fraud, cover-ups and forgery by rogue Commonwealth Bank advisers around the country.
The clients have been buoyed by the news that a Senate committee has recommended a royal commission into the banking giant’s conduct be set up.
Daryll Tenni’s 79-year-old father, Myles Tenni, lost $350,000 in retirement savings. "Dad’s day is done, I just hope we can get something back," said Mr Tenni.
A royal commission would mean that many other victims may be able to recoup some of their investments.
Commonwealth Bank whistleblower Jeff Morris estimates that there could be up to 60,000 victims of rogue financial advisers in the financial planning arms of the Commonwealth Bank, Financial Wisdom and Commonwealth Financial Services.
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