Perhaps quite a while after the new chairman’s comments.
"But I was a little surprised actually that Westpac and the other banks did get caught on these matters because these are matters that have come up elsewhere in the world.
“But you know, these things happen.”
I guess the old saying “S*** happens” pretty much sums it up.
Yes. One way of putting it. A more managerial way 
would be: Worry about the things you can control.
An incoming CEO can’t change the past.
An incoming CEO does have a substantial level of control in lots of areas e.g. oversight, approval, culture - to impinge on the question: What can we do to stop this happening again?
I can understand every company’s frustration with government though.
A US study claims that ethics can actually be taught to persons working in the financial services sector.
Perhaps it could be used as the script for the next Mission Impossible movie.
And the results of Westpac’s money laundering misbehaviour.
Another article regarding the disgusting behaviour of the banks.
Now the banks are not even competent in handing out Government money.
This looks like propaganda though - basic Conroy propaganda. If any unlawful sexual activity has occurred, shall we blame the bank or shall we blame the perpetrator? If the bank fails to do the government’s job, shall we blame the bank or shall we blame the government?
Out of the 23,000,000 transactions where Westpac did not carry out the government-mandated checks on the transactions, someone has to pull out the tiny tiny fraction of them that allegedly relate to pedos?
AMP cops a $5.175 million fine.
A smack on the wrist with a wet tram ticket.would probably hurt them more.
Just when you thought it was safe to go back to a financial planner.
An article advising persons with mortgages to ensure that tehy are getting the best available rates.
Update on the Westpac fail-to-surveill prosecution: https://www.abc.net.au/news/2020-04-14/westpac-1.4-billion-hit-to-first-half-earnings/12146360
The Federal Government delays the implementation of the Banking RC recommendations.
And “Financial Planners” get a serve.
And the AMP board still have their snouts in the trough.
Some super funds are dragging their heels on releasing their members early withdrawl payments.
Not in the written ABC report, but mentioned on the Drum and elsewhere on line.
Non-government consumer advocate CHOICE said in a statement the six-month delay “strikes a sensible balance between recognising the reality of these unprecedented circumstances and the need to legislate reforms to protect consumers, who will need this even more in the coming months”.
The previously posted ABC report on government progress stated,
It has already implemented 24 of the Commission’s 76 recommendations, with work continuing on a further 35 recommendations.
There is often more to a story than a headline.
Details of the 17 recommendations with no action to date, may be of greater interest.
CHOICE is calling for interest rate caps on credit cards, especially rewards cards where points programs are in limbo:
People should be rightly sceptical of all of these rewards schemes.
Perhaps customers would be better off ditching the frequent flyer credit card and just getting the most appropriate fair dinkum credit card. These schemes have sucked people into using credit card when it isn’t even the most appropriate way of paying.
Some items regarding CBA.
CEO admits that they are a long way from completing reforms.
CBA beats market expectations with massive half-yearly profit.
CBA cuts home loan interest rates to record lows.
And very much to their credit, CBA moves to suspend accounts being used for domestic abuse.
A US bank whistleblower has been awarded almost USD $50 million bringing total awards to some 38 persons to over USD $500 million in a decade.
Perhaps Australia should follow suit.
Raises all sort of issues. For example:
I must admit that I have been known to send messages to the DSE this way - just harmless, mild, jocular stuff that is unlikely to raise any eyebrows.
In case there are any idiots reading this … Sections 471.11 and 471.12 of the Criminal Code Act could land you in jail or at least invite a contact from the AFP if a transaction description is a threat to kill or cause serious harm, or is menacing, harassing or offensive (which is a ridiculously low threshold but them’s the breaks).
The article doesn’t say whether the CBA referred any of the cases to the AFP.
Banks save billions by failing to pass on interest rate cuts to credit card customers:
It is not a good idea to pay interest on a credit card. 
