CHOICE membership

Banking, insurance and finance news


#1

Have you seen a news article on a finance topic that is relevant to consumers?

Post the link here as a memo for other Community members, and feel free to discuss the contents of the news items. As discussions form, we’ll create new topics for you to enjoy.


Royal Commission into the Banking, Superannuation and Financial Services Industry
#2

How about this one?

Different day, same grubs.

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#3

I hope they are successful in the Class Action against these businesses. Of course this previous behaviour has been going on under prudent oversight by ASIC, APRA and the ACCC who of course picked it up and took strong action at the onset…NOT!!!


#4

And another one.

I can recall that back in the 1990’s, AMP was desparately trying to hold onto their agents in the face of the extremely attractive offers National Mutual was making to try to get them to switch allegiances.

Now with National Mutual (AXA) out of the picture, AMP obviously wants to truly “reward” those agents who remained loyal.

It mirrors the actions of Optus when Telstra launched a massive campaign in the mid 1990’s to get the large Optus dealers to jump ship with offers of up to $2 million…

The smart ones jumped, and as far as I am aware, they are all still in business or have sold out.

The Optus dealers who were too naive to jump all ended up either getting shafted or now have businesses which are virtually worthless and unsaleable.

Loyalty is obviously a one-way street with these type of businesses.

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#5

Back then and before the focus possibly was different as AMP was owned by its members/policy holders. The focus was solely on building customer wealth, reducing financial risks and also protecting customer’s futures. Customers, I being one, didn’t mind paying ongoing fees to AMP agents as their sole role was to have one’s (the customer’s) interest in hand. The benefit of the advice and service provided at that time outweighed any fees paid.

Moving forward a decade, AMP demutualised and owned by the wider public/investors, as it was listed on the ASX. This changed its focus from being solely customer orientated to one which also involved providing a satisfactory its return to shareholders. This change in focus has the potential to change what it role was in the past and what it had delivered for its customers. The Royal Commission found how its practices and focused had changed, and not for the better or solely the customer.

I wonder if AMP wasn’t demutualised, if it would be in the position it is currently in.


#6

Ouch!

A short read if you are interested, concerning in store finance provided by Latitude through HN in Alice.

The $1.5M cost may not be the end of the pain?

The Hayne Royal Commission has outstanding recommendations for regulation of in store finance which is currently unregulated.


#7

An article regarding 2 online-only banks launching in Australia.


#8

An article claiming that the ACCC has asked the Treasurer to conduct another inquiry into the banks.

This should be interesting.


#9

An article regarding ARPA losing the only court case they have been involved in this decade.

Who needs to watch The Three Stooges for entertainment when we have our very own ARPA, ASIC & ACCC.


#10

Possibly the Stooges and three regulatory bodies are all just pretending or acting out their scripts? There is a critical difference between the two in respect of any entertainment sought.

For one the only harm done may be to your ribs and diaphragm from too much laughter.

For the other the harm is real, and a box of tissues may be more appropriate?