After the Royal Banking Commission

The Royal Banking Commission is over, but the many recommendations, ensuing changes, successes and failures are ongoing. This thread is the place to examine the outcomes of the RBC, please continue your discussions here.

4 Likes

From a relatively small sample size, I have noticed banks are pushing to ‘settle’ disputes rather than let it go to AFCA. Even at AFCA level I have noticed a push from AFCA workers themselves to ‘settle’ before letting it go to a final ruling. I have asked if/where the stats of these settlements are recorded or available to the public and been told that they’re not.

I have no evidence, only cynicism, but I suspect this is because such settlements aren’t recorded the same way as rulings and so statistics about complaints, maladministration etc will be artificially reduced, making it seem like the RBC actually had some effect. Meanwhile the banks engage in some PR work (I’ve seen ads in bus stops and on billboards), the CoBP gets a minor facelift and nothing fundamental changes.

Government have done nothing at all to increase or even maintain funding for financial counsellors who pretty much exist to help the average joe understand their rights and the dispute process, so I’m pretty sure they’re just waiting for the bad feelings to settle and become apathy and people to become resigned to their fate.

5 Likes

And now we have Kogan Super.

https://www.kogansuper.com.au/

What could possibly go wrong?

3 Likes

… it’s just ‘financial natural selection’ … nothing to see here … :rofl:

4 Likes

An article regarding banks, with NAB in particular, refusing service, or charging premiums, to the sex industry.

After theses grubs were exposed at the Banking RC, it really is a case of the pot calling the kettle black.

Disgusting.

image

2 Likes

It seems to me that they are just whitewashing what was already in place.

A couple of mea culpa statements followed by we promise to do better statements, everyone moves one seat over, and then it’s back to business as usual.

3 Likes

While the Commission is over and the Government promised not much at all in response, COVID-19 has let the Mionister Mr Frydenberg further weaken Company Disclosure Laws for at least 6 months using his emergency powers…pretty much without Parliamentary oversight and against advice by ASIC. Gives a new meaning to the feeling of Trust in our Executive of Govt.

4 Likes

Nah. It reinforces the level of trust we have had for yonks, eg not much at all :frowning:

The current administration in the US seems to be lusting after emulating our mob but they have a ways to go since the US press is not subservient, excepting for the Murdoch operations.

2 Likes

Drum roll… according to the draft legislation government has stepped up as always to do as little as possible about ‘the problem’ and as much as possible to protect ‘vested interests’. Anyone surprised?

3 Likes

Some he said they said in play, but the Guardian is usually well researched and comparatively unbiased. (or biased for good governance)

3 Likes

No surprises here, unfortunately.

1 Like

Did the RBC include insurance? Feel like Banking foul play is nothing compared to the sharks we call our insurance providers: Super wrapped Life/IP/TPD 20-30% increases year on year; Car insurance asset value decreases 20-30% premium increase 5% year on year; Property insurance CPI asset replacement value auto increase per year, premium 20+% per year, year on year… There’s rage for Health insurance increases & yet 5% HI year on year increases pale in comparison to some of these…

1 Like

Yes it did in particular the Super Industry but all of the financial industry was included. The full name was Royal Commission into the Banking, Superannuation and Financial Services Industry. You may wish to read more on this site about it as we had a Topic running while the Commission was running

Many of the recommendations have not been acted on or acted on completely thus leaving many of us disparing about our current situations. This blame can be laid squarely at our Federal LNP Government, no other can be.

3 Likes

A segment of voters respect that for ‘protecting’ their personal interests. Another segment is convinced the financial industry needs to be profitable regardless how since mum and pop shareholders and their super all benefit.

Their votes would be hard to change with WD-40 or a cutting torch because they have bought into the game in one way or another and they are true believers. Lets have none of the information contrary to their interests (and thus focus of donations) - just a diversion… :frowning:

1 Like

Choice has a petition regarding the Federal Government reneging on the promised reforms.

An recent assessment of the implementation of the RC recommendations.

When the commission’s final report was submitted just a few months before the election was due, the government took three days to announce it was acting on all 76 recommendations and going further in “a number of important areas”.

By January last year, Davis found that the government was yet to implement 44 of the 76 recommendations it had accepted, and had “turned its back on five key reforms – including curbing irresponsible lending practices”.

1 Like

Some tightening of the laws around responsibilities for bankers who fail to take reasonable steps to prevent systemic misconduct:

2 Likes

Wow that was fast.

2 Likes

I am not sure where the problem lies, with journalists who won’t ask or pollies and bankers who won’t tell. I would like to know what these ‘legitimate concerns’ are.

Are they saying the bill is badly drafted and conscientious and honest bankers could get caught out for doing their job properly? You would think if that is the case somebody might tell us what the offending passages are. Is there is a legitimate situation where policy or actions go wrong but the boss should not be personally accountable, what is it? If something else, what?

Given the almighty hurry for both sides of the aisle to put the boot in when the scandal became public and the progressive watering down of the proposed remedies ever since you have wonder what is going on.

3 Likes

Well it hasn’t been dumped. Just won’t be rushed through this year, as the Greens wanted.

Better to do some more work on these changes to address the concerns.