>> Charging the dead for financial advice, billing customers for financial services they didn't receive. They're just a few of the alarming revelations this week out of Australia's inquiry into misconduct at its banks and in high finance. The so-called Royal Commission is only in month three of a planned year of questioning.
But it's already uncovered admissions of surprisingly shady practices across the industry, after years of scandals blamed instead on individuals. Reuters' Paulina Duran has been following the story.>> After so many years of scandals, we had the expectation that the Royal Commission was going to reveal legacy issues, or more instances of lone wolves acting basically on their own.
Instead, what we are hearing has been shocking because we are now understanding that the higher levels of management have been involved in this misconduct. In one instance for example, CBA had been charging customers for advice even though they had been dead for over a decade.>> Australia's center right government initially resisted calls for an inquiry.
But on Wednesday, the country's treasurer said the worst offenders might get jail time.>> People are outraged and concerned, because this is an important sector to Australia.>> The inquiry so far has estimated that over 80,000 customers were given bad advice, costing them a total of nearly $4 billion.