The sheer scale of malpractice uncovered over the past week could lead to the banking royal commission being extended

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This week, Jacqueline McDowall became the human face of the the malpractice of Australia’s financial services industry, as she tearfully recounted the woeful advice she was given by Westpac that cost her her house, and most of her superannuation.

The nurse and her husband hoped to buy and run a bed and breakfast, so she could retire from her job. Advised by Westpac financial planner Krish Mahadevan – who called himself “the money man” – to sell the family home and invest in a self-managed super fund, she was then told she could not borrow the money she needed.

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