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Royal Commission into the Banking, Superannuation and Financial Services Industry

An article warning about the potential for consumers to quickly forget the banks’ behaviour and advising that only 7 of the recommendations from the Banking RC have been implemented to date.

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An informed view on likely progress implementing the RC recommendations, from one who may claim some first hand knowledge.

Key points:

  • Kenneth Hayne wrote the final report from the banking royal commission that recommended sweeping changes to the sector
  • The former High Court judge has called for increasingly frequent calls for Royal Commissions not to be dismissed
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ASIC loses their court case against Westpac.

Presumably Kenneth Hayne will be less than impressed.

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One bank deciding to lead the way in relation to responsible lending…

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To be clear, he is saying that Royal Commissions are more necessary when government cannot focus on more than the urgent and immediate, rather than the important.

To paraphrase, stop politicising, shrinking and demeaning the public sector, and start listening to it! Unfortunately we have been going in the opposite direction, and ended up with Yes Minister types who only care about what is happening in their three year contract.

This sounds like a case in which the law needs to be clarified, and lenders need clear guidance on how loans should be decided.

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Hopefully this will be fully implemented and quickly.

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Originally it was going to be all the recommendations, now it is a watered down to 54 out of 79 list. Whose fault was it they weren’t implemented sooner…hmmm the Govt in power at the time…now who was that, oh yes the LNP one who didn’t want the RC at all in the first place. Sorry but the sluggish response was brought about by the Govt reluctance to do something but now they are being criticised for failure in a number of areas eg Climate Change & Coal Mining they have to show willing so as to turn the spotlight off their failures. Sort of sucked in voters as they play with us again.

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We explain why reform in the mortgage broking industry is needed urgently:

https://www.propertyobserver.com.au/forward-planning/102872-reform-to-the-mortgage-broking-sector-is-urgent-choice-ceo-alan-kirkland.html

We also highlight in this article that lobbyists are already fighting changes to the industry, making the path to reform difficult:

And finally a study from University of Melbourne has attempted to quantify the cost of all this misconduct:

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Maybe something to worry about…Negative Interest Rates. Yep when Banks pay you to take a loan out ie you don’t pay interest and the Principal goes down even without payments being made. To read an article about this and how it might affect our Banks/Financial Institutions and us see:

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Another wake-up call for NAB courtesy of ASIC.

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Unfortunately nobody has offered me one of these loans yet :frowning: .

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Need to go to Denmark lol at -0.5% there.

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On MSN there is an article about ASIC making Allianz refund around 15,000 customers who were sold consumer credit insurance for things like loans and mortgages. The customers were ineligible to claim the insurance coverage for disability or unemployment and for death cover for those under 21 as they were very unlikely to require it. . The refunds will amount to about $8 million.

https://www.msn.com/en-au/news/company-news/allianz-australian-unit-to-refund-customers-for-insurance-mis-selling/ar-AAGnB89

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Not sure whether this belongs here.

A while back, I was bombarded with messages about PayID. Still get the occasional one. Seems it’s opened up new security holes.

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Another article regarding ASIC taking some more banks to court for their disgusting behaviour.

Anyone else remember the pathetic BOQ ads 'It’s actually possible to love a bank"?

I could certainly love a bank which cops an eye-watering fine and the directors and senior management are all imprisoned, or more precisely I could love the regulator if it happened.

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With Royal Commission into Banking now beginning to fade into the distance, we’ve decided it is time to close this thread. The comments, discussion and key points being shared here are a credit to the Community - well done and sincere thanks from all of us at CHOICE for being part of this event.

It goes without saying that much of the work in this area is still ahead, so please join the new discussion thread for everything post banking commission. If banking, insurance and money-related topics are an interest for you, please share your relevant reading in our thread on consumer finance news.

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