CHOICE membership

Royal Commission into the Banking, Superannuation and Financial Services Industry



An article stating that the Federal Government has threatened to have another banking inquiry in 3 years time and has told the regulators to ramp up court actions against the banks.

No mention of suppling the regulators with teething rusks.


Changes proposed to the “point of sale exemption” in the National Consumer Credit Protection Act.

Not before time.

These dealers and retailers are often motivated to push in-house finance so as to receive kickback commissions just like they push comprehensive insurance and extended warranties.



Great! I signed up for one of those ‘interest-free’ deals when I was young and stupid(er). Interest free, sure - but not fee-free. There was a monthly ‘fee’ that undoubtedly added up to more than the interest I would otherwise have paid.


ASIC threatens much tougher penalties for white collar crime.

Watch out, ASIC is about. Meow. Meow.



I think I see the problem:


Says it all.



An article about school banking programs in the wake of the Banking RC.

I’ll second that.



Some comments from Alan Kirkland as new bills are introduced to support recommendations from the Banking RC.


Are they going to get rid of Ronald McDonald and all the other modern sources of funding for cash-strapped schools? And of course Apple - whose logo is prominently displayed in the picture at the top of that ABC article!?


Now the class actions are starting.

I guess they will probably claim that it was all the computer’s fault.

“Computer said yes”.



What a great idea! Our children’s educations should not depend in any way on commerce.

Perhaps a little reorganisation of priorities is in order. Move funding from the military to education. Next time they want a warship, they can hold a bake sale.


This is my second Simpsons reference today, but I think the point is a good one. The periodic table has been replaced with one from Oscar Meyer hot dogs.


Would that interview be more applicable to the present government seeking the next Minister of Home Affairs?


It will be an interesting one as the loans from the claimant were made through a mortgage broker. I wonder if the loan documents were adequately reviewed by the bank or the information contained oj the apolications was a true representation of the financial situation of the mortgagee?

I am surprised that the broker is not party to the claim…maybe they will end up being part of the claim if and when it goes forward since they were possibly key to the success of the loan applications.


My guess - not knowing anything about said broker - is that there is no point suing someone who doesn’t have the money to cover their own court costs.


An article regarding a Sydney woman being charged with allegedly comitting a $40 million fraud against the NAB.

Fancy stealing from a bank. Everyone knows that thay do not like competition.


An article regarding consumers having problems with obtaining finance due to the banks claiming that they have responsible lending practices.

Enough to make the cat laugh.



ASIC accuses the grubby banks of dragging their feet following the Banking RC.

What a surprise. Different day. Same grubs.

APRA gives the banks a serve regarding bonuses.

Perhaps APRA could ask Choice to set the banks’ bonuses.


The Banking RC may be done and dusted but the grubby banks continue to treat their victims, oops, customers with disdain.

And some grubby superannuation companies are no better.

Absolutely disgraceful.

One of the parties who received a dishonourable mention at the Banking RC is going out of business.

So sad. Too bad.



“It’s clear the industry cannot be trusted to write their own codes. We need to kill off useless codes and give ASIC real power to hold the finance industry to account,” said @PatrickVeyret, policy adviser at Choice.


…speaking to an industry audience who is profoundly deaf, and the signer beside him noticed they also seemed vision impaired.

The banking and insurance sectors responded by rejecting the call, vowing that changes to these industry’s codes would take into account the Hayne royal commission recommendations, without the need to drastically overhaul the model of self-regulation, as Choice is suggesting.

Will TweedleDee or TweedleDum step up to the plate? Maybe after UK/AU and US English agree on common spellings.