Patricia Babbage still gets emotional when she thinks about her horrific experience at the hands of a financial planner employed by the Commonwealth Bank.

The 77-year-old mother-in-law of shadow treasurer Joe Hockey says planner Chris Baker put her life savings into high-risk products and wiped out much of her wealth.

''I thought I had been placed into conservative investments but, when I saw my money falling from $200,000 to $184,000 in a week and then kept falling, I would call him and he would say 'it's the GFC, don't change anything, it will come back','' she said.