This week, Jacqueline McDowall became the human face of the the malpractice of Australias 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.
I said, We sold our family home on your advice. We now dont have a family home to live in, she told the commission through tears. I was too embarrassed to tell anybody. I felt humi…
Read the full article at: https://www.theguardian.com/australia-news/2018/apr/21/banking-royal-commission-australia-readers-share-experiences