CHOICE membership

Royal Commission into the Banking, Superannuation and Financial Services Industry

superannuation
banking
financial_services

#444

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.


#445

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.

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#446

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.


#447

ASIC threatens much tougher penalties for white collar crime.

Watch out, ASIC is about. Meow. Meow.

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#448

I think I see the problem:


#449

Says it all.

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#450

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

I’ll second that.

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#451

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


#452

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!?


#453

Now the class actions are starting.

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

“Computer said yes”.

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#454

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.


#455

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.


#456

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


#457

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.


#458

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.


#459

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.


#460

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.

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#461

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.

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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.

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