1200 PAGES INTO 99 WORDS

The Daily Telegraph (Sydney) - - Racing -

Haven’t got time go through Com­mis­sioner Ken­neth Hayne ‘s en­tire 76 rec­om­men­da­tions and 1200-page fi­nal re­port? Here’s our su­per-short overview:

Bor­row­ers, not lenders, will pay mort­gage bro­kers’ fees.

You’ll only have one de­fault su­per ac­count.

Hard sell­ing and cold call­ing for su­per and in­sur­ance will stop.

Ad­vice fees can’t be de­ducted from many su­per ac­counts.

Fees paid to fi­nan­cial ad­vis­ers must be agreed an­nu­ally, and in writ­ing.

Life in­sur­ance com­mis­sions to be re­duced, even­tu­ally to zero.

Fu­neral in­sur­ance and car dealer fi­nance to be sub­ject to con­sumer pro­tec­tion laws.

Dis­hon­our fees on ba­sic bank ac­counts to be banned.

Reg­u­la­tors and watch­dogs get beefed up.

Crim­i­nal charges loom for some fi­nan­cial in­sti­tu­tion bosses.

Both sides of pol­i­tics sup­port the rec­om­men­da­tions.

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