Banking News

Find the latest news and stories about banks caught out in illegal and corrupt activity from around the world.

Scots are Flying In To Talk to New CEO Ross McEwan

Our UK brother bank warriors Ian Lightbody and John Guidi are flying into Sydney for NAB's AGM on 18.12.19. Banks should have realised by now that activists are united around the country and around the world. The old delay, deny, deceive routine just doesn't work anymore. Victims of predatory banking know exactly what was done to them, how it was done, who profited from the misconduct and who is covering it up. Brave whistleblowers and gutsy journalists are assisting the path to justice and remediation.

The bank business model is flawed. What happened in the UK also happened in Australia. If the boards of these banks didn't know what was going on they were either incompetent or negligent. If they were neither they are complicit and culpable. Either way directors are in an untenable situation.

Bank Licences To Operate Now On The Line

When BRN first formed one of our first claims was that banking was "organised crime on a grand scale." This article is so perfect it is a must read. Banks really are run and organised by lawbreaking supervillains. We need powerful superheroes to bring them to justice. Apart from all the activists, whistleblowers and journalists that are doing a great job exposing crimes - the regulators have now been embarrassed into action after decades of the light touch "see no evil" approach.

Yes - a bank's licence to operate should be on the line for criminal breaches and serious misconduct. BRN's SUMIR program has called for a  Sovereign Monetary system that functions in the interests of the country and its people. Other countries of the world will need to do the same. Australia is now positioned to set the example and do this. A National Bank is a big stepping stone. Westpac cannot afford the fines it will incur from the latest scandal.

Scott Morrison has made it clear he wants to crackdown on criminal transactions. Unfortunately his target was dead wrong. Ordinary citizens are the target of his Cash Ban Bill. How dare Morrison and his government force us to be at the  mercy of these criminal organisations! The real targets should be the bankers and other white collar criminals that snub their noses at the law .... and use electronic transactions to do it. Will Morrison use Westpac or another big bank to establish our National Bank?

Economist Richard Denniss says - "The scrutiny of the big four should not stop until their staggering, systemic breaches of the law do." We agree.

Westpac Fails To Monitor Suspicious Transactions 

Westpac needs to show the community it has taken clear accountability. Brian Hartzer's tenure will come under pressure, but the board also has questions to answer.

The Bendigo Bank Board Feels The Heat

Bank warriors did all of us proud at the Bendigo Bank AGM. Critical issues are being put on the table in public by activists that are not tolerating the way banks have done business in the past. This is how we get reform. Board members must realise that cover-ups and deception are no longer an effective way to run a business. Great work from Craig Caulfield and the team that attended - see this great summary and some video highlights right here.

"Weary" Dunlop's ill son ripped off ... no-one takes responsibility

A very sad story. The ill son of war hero "Weary" Dunlop ripped off by finance sector parasites ... and no-one in a position to help the family will take responsibility. Thanks to bank warrior Boyd Fraser the relatives of now deceased Alexander Dunlop have a chance to see justice. Boyd has his own battle with Perpetual and he's not going down without a fight and while he's at it he wants to help other victims too. This is an amazing case showing just how dodgy some characters are in the "business" world.

It's not a new code that is required ... it's honesty, ethics & accountability

It's pretty hard to trust Anna Bligh and the Australian Banking Association when you consider the history of banking in Australia since the first Code of Conduct came into existence in 1993. The Soviet Union had possibly the finest documentation protecting the Human Rights of its citizens. Words on paper don't cut it..!! The system must be structured to serve the people's legitimate needs and interests. The Banking Codes have always served the interests of the banks. The new code is no different. But don't worry folks ...... there is light at the end of this long and torturous tunnel.

Only Proper Remediation Will Show Banks Are Serious About Reform

Dr Evan Jones has recently commented on several cases Bank Reform Now has been assisting with. The Hayes and Uebergang cases raise very serious issues for Westpac. CEO Brian Hartzer wasn't at the bank when these issues surfaced  but he can read. When Westpac was on the edge of collapse drastic measures were part of the rescue response. It's all been detailed in Hansard and then Senator Paul McLean's book Bankers And Bastards. The Westpac Letters scandal showed how the bank's board and their lawyers operated. We know they broke the law. We know they destroyed lives and businesses. Colin Uebergang suffered as a direct result. It's not good enough to pretend the bankers were saints in the 90s. We all now know the truth.

AFCA May Yet Prove Useful

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.

The True Story Behind The Bankers' Royal Commission

Nationals MP Barry O’Sullivan triggered the Royal Commission being called by Turnbull and Morrison but no politician was responsible. Bank reform was on the agenda thanks to brave whistleblowers and gutsy journalists like Jeff Morris and Adele Ferguson. Victims of bank misconduct and activists worked on the push to reform using everything they had. Social media, mainstream media and political contacts were worked tirelessly. The bankers saw what was coming and decided to put their inquiry up with their terms and their commissioner by using their Prime Minister and their Treasurer. Even though the Royal Commission was hobbled from the start it did serve a purpose... and everyone very well knows it covered up more than it exposed. This is an excerpt from Michael Roddan's book The People vs The Banks. The battle is still being waged and the people will win the war.

It is clear - politicians are protecting bankers

The Hayne RC and the Senate Access To Justice inquiry have dropped the ball. The only way banks can engage with clients in the heavy handed, deceptive, unconscionable and often criminal way that they do is thanks to a "justice" system that enables and allows them to get away with serious abuses. Any other business or individual that treated clients in the way the banks regularly do would see perpetrators fined and jailed. Yes - the abuses we have researched are that serious. Politicians and multiple inquires have been informed. So clearly the other protection required by banks is political. Therefore until people take political action to reform the system nothing will be achieved. Election 2019 is the time to take action.

Here we look at the weak recommendations from the Senate Access to Justice inquiry with contributions from the BRN Advisory Panel.

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