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.
An informed view on likely progress implementing the RC recommendations, from one who may claim some first hand knowledge.
- 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
ASIC loses their court case against Westpac.
Presumably Kenneth Hayne will be less than impressed.
One bank deciding to lead the way in relation to responsible lending…
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.
Hopefully this will be fully implemented and quickly.
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.
We explain why reform in the mortgage broking industry is needed urgently:
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:
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:
Negative interest rates
Another wake-up call for NAB courtesy of ASIC.
Unfortunately nobody has offered me one of these loans yet .
Need to go to Denmark lol at -0.5% there.