Appalling Banking Will Be Fully Exposed

AFCA May Yet Prove Useful

Summary: 

AFCA Chair Helen Coonan says community trust in the finance sector had been "shattered", with financial institutions causing "despair and hopelessness in many broken lives and broken businesses." If a key part of the economy profits from this type of crooked dealing with customers something is terribly wrong. If we have to remove one CEO after another so be it. Our sense of justice has not been tempered .... it's been honed razor sharp and it will be used to remove recalcitrant bankers, regulators and politicians. Justice has been delayed ..... it will  not be denied and it will be sweet.

The Australian Financial Complaints Authority is  making the right noises BUT it has built in limitations. Just like the Banking Code of Conduct and the Code Compliance monitoring apparatus it is rigged in favour of bankers. Victims of bank crimes have the deck stacked against them BUT Helen Coonan will serve a purpose that could help victims despite her hands being tied behind her back.

Article Information
Category: 
Author: 
Eryk Bagshaw
Source: 
Sydney Morning Herald
Date First Published: 
1 Jun 2019
Posted By
Peter Brandson
Peter Brandson's picture

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