Scott Pape's One Major Highlight We Should Take Out From The Banking Royal Commission
The Barefoot Investor.
Scott Pape has highlighted the one major thing we should all take out from the recent banking royal commission.
'The Barefoot Investor' Scott Pape joined The Hot Breakfast on Triple M Melbourne this morning and spoke about the findings released yesterday from Kenneth Hayne's report on the banking and financial services industry.
Overall, 24 referrals were sent to financial regulators Asic and Apra, including the potential for more than 20 prosecution cases involving the major banks.
Most of this information though involves a lot of economical jargon, so The Hot Breakfast asked finance guru Scotty Pape for the one big highlight we all can take away from the royal commission findings.
"The one highlight for me," Pape said, "is that we should have just one default fund."
"We shouldn't have multiple accounts which can cost you hundreds of thousands of dollars in fees which can be drained over your working life."