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.
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.
And now we have Kogan Super.
What could possibly go wrong?
… it’s just ‘financial natural selection’ … nothing to see here …
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.
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.