Another article about the banks.
Perhaps they were just misunderstood. 
What a difference a Royal Commission makes. 
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But wait. There’s more. Looks like things are starting to heat up for the banks.
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ARPA chief admits that the banks need better policing.
Does this mean that ARPA might actually start doing their job?
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Not while they are:
- kept on a short leash by the Government,
- underfunded, and
- have such a close relationship with the industry they are meant to be overseeing.
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The “good” news just keeps on coming.
Banks. The gift that keeps on taking.
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And the grubby stories about the grubby banks just keep on coming.
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The foundation is the executive - lopping the branches doesn’t make the roots pure …
Is there anyone else who feels this whole thing will be an amazing hoax paid out with a few relatively minimal penalties and a lot of ordinary folk crucified because conveniently they have no voice?
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From past lives I suspect the executives who identified and sacked those 200 staff will not only reject responsibility for any of it, they will receive generous bonuses for taking action. If that comes to pass it reinforces the board is as culpable as anyone but they will continue to fly under the radars unless it gets as bad as AMP.
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Not that hard to do?
The AP.RAdar has been broken for a very long time.
In 2010 when assisting with my elderly (80’s) parent’s personal and business tax returns for 2009, it was evident they were paying the CBA for advisor’s fees over many years, having seen the ‘free’ Advisor perhaps only twice in that time. The two product recommendations they had taken were doubtful. They were asset rich income poor self funded retirees, although my father was still running the family business at his 80th for that reason.
The fees only stopped after both had passed away and the debited account was transferred to an estate account with a different bank. Were the fees deducted after death? Yes, and the bank knew of the circumstance because they paid for the funeral out of one of the accounts for the last to pass more than 5 years ago. Only the financial services division of the CBA had the authority to stop the debits, apparently. The RC reminds me of a band aid, where triage in emergency might be more appropriate.
Equally notable was that their accountant an ex ATO staffer, quietly added the advisor’s fees to their tax returns without raising one eye brow.
At the time the task of taking the bank on, and without the victims there for support was too daunting considering the likely outcome. It was minor, given all the other estate issues that needed resolution. Which is also perhaps part of how the CBA got away with it for so long. Lots of little transactions soon make up a very big profit. Of course private advisors have been charging trailing commissions for decades for nil service. It has never been a secret even before the FOFA reforms legislated by the 2012 Federal Parliament.
It is one of life’s experiences that motivates to be more than a casual observer as a member of Choice.
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I agree.
Until there are harsh penalties imposed upon the senior executives under whom the malfeasance occurred, there will not be any real incentive for:
- senior executives to take active responsibility for what is happening under them,
- broad reform, or
- preventing future chicanery.
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Here are our three key takeaways from the banking royal commission’s interim report:
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The bad news for the banks just keeps on coming.
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An article about Afterpay shares taking a nosedive ahead of the Senate inquiry into “debt vultures”.
I expect that the unhappy customer experiences with these bottom -feeders will probably make the banks look like nice people.
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I think they are no worse than any lender, and if you use the products wisely perhaps a lot better than some Payday lenders as the interest charge can be nil with a small monthly service charge. The problem arises when because of improper assessments the client is given access to sums they cannot service adequately and then pay penalties for missed payments.
The Banks I feel are far worse than this as they also improperly assessed clients and did other improper practices when they were bound by stricter rules but could easily negotiate their way out with less than effective watchdogs and still try to make it look like they care.
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Yet another article regarding the grubby banks.
At least he is “sorry”.
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From the ABC:
Royal commissioner Kenneth Hayne remains on track to deliver his final report on February 1 and speculation is mounting that he is likely to refer potential civil or criminal breaches of the Corporations Act to the Commonwealth Director of Public Prosecutions.
Bypassing ASIC and APRA, who would have thought?
This might be the most confronting and upsetting outcome.
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More good news for the grubby banks.
Go to jail. Go directly to jail. Do not pass go. Do not collect your obscene bonuses. 
Sometimes it’s good when someone with a loud enough voice uses it, sometimes there is more to the story …
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Cash Converters settles another multi-million dollar legal action whilst another one is listed for a court hearing today.
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Yet another article about the damage done by the grubby, bottom feeding banks.
“Compensation may exceed $7 billion”. How about another $70 million in exemplary damages?
Where will the grubby banks get the money to pay it?
How about court orders to force all their “executives” who caused all the pain and suffering to their customers being forced to work for a modest wage, or better still, having their properties being seized and sold, so as to fund the compensation.
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