Don’t be complacent, switch financial service providers today and save

The financial services’ Royal Commission is over but it’s only the beginning for customers. This is what you must do to ensure you are not getting ripped off.

WILL anyone switch banks, super funds, insurers, mortgage brokers or financial advisers after we learnt many of them have ripped us off?

What will it take for customers to get off their backsides and jump ship, signalling they’ve had a gutful?

The recommendations in Commissioner Kenneth Hayne’s final report after 68 days of public hearings, 134 witnesses and 10,000 public submissions called out the disgraceful antics, robbery and sheer greed of many of those we trusted to handle our money.

Commissioner Kenneth Hayne and Treasurer Josh Frydenberg with the final report from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, at Parliament House in Canberra. Picture Kym Smith.

Don’t think this thievery is about to stop. It will continue to happen, despite the grilling and head-rolling that has occurred over the past year and will continue to happen.

MORE: Why NAB has a long way to go to win back trust

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After asking many of my friends and colleagues if any of them will bother to switch providers in protest — even if they didn’t get directly dudded — the answer is a firm “no, I can’t be bothered”.

And this here is the very problem.

We do not vote with our feet.

Australians are typically a lazy bunch when it comes to finance.

The country is dominated by the big four banks — more than 80 per cent of owner occupier loans are with them and they have about 85 per cent of investor loans.

The tales of ripping off innocent, hardworking Australians were tear-jerking to say the least.

One of the worst was hearing a 26-year-old man with Down Syndrome try and remove himself from a rubbish Freedom Insurance policy he’d been conned into getting.

The young man received pocket money from his parents to try and help him have some independence and these greedy cowboys robbed him of his cash.

It took his father to get involved and months of hard work to get him out of the policy.

And how could these banks charge customers fees and give absolutely nothing in return? Sheer robbery.

A couple stressed about the costs of using a credit card to pay for goods.

I’m pleased to say I don’t bank with the big four. I have in the past but I’m happy to switch banks at any time if I feel they are dudding me.

Sadly many others cannot be bothered and don’t know enough about their financial products to work out if they are getting ripped off.

If the stories of the past year don’t prompt customers to take action, in my view nothing will.

No matter what recommendations of Mr Hayne’s are legislated — and it looks likely to be all 76 of them — customers will continue to get dudded.

Those in the financial services industry are not going to all become crystal clean from hereon in.

So it’s up to consumers to take control.

Phone up your bank, broker, financial adviser, insurer and ask the tough questions.

Find out what fees and charges you are paying at the very least.

Hunt around, do comparisons online and see if you can get a better deal elsewhere.

These fat cat banks will never care as much about your hard-earned cash as you will.

It’s up to you to take control, not them.

@sophieelsworth

WHAT YOU SHOULD DO NOW

- Login into your accounts.

- Check the fees and charges you are paying.

- Do an online search to see if there are better deals available.

- Phone up your bank to see if you can get fees/charges waived.

- If your finance provider won’t come to the party look to switch.

- Don’t be afraid to make a complaint if you feel you are getting gouging.