Banking News

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

Jeff Morris Exposes The Ways Banks Lie

Jeff Morris is blowing the whistle even harder now. The Senate has been informed and anyone who reads Jeff's submission to the Access To Justice Inquiry will learn the truth about the way banks operate. Bank can no longer deny the bleeding obvious. BRN  has cases in front of all the major banks ... and they involve matters exposed by Jeff right here.

NAB Commits To Being A Model Litigant

All four major banks have now committed to becoming Model Litigants. NAB was the last to do so. Acting CEO Phil Chronican who will soon take over as Chairman of the bank's board was in the hot seat at the March 2019 House Economics Committee bank CEO grilling. He made it clear that the bank is committed to acting ethically, morally and fairly when dealing with clients where a dispute exists. This is a critical breakthrough in the quest for justice. Mr Chronican and other bankers have been given cases where the bank's lawyers most certainly did not act as Model Litigants.

Previous CEO Thorburn botched his chance to have the bank do the right thing. The new environment will see legacy cases properly settled and in the future bankers will be less likely to allow abuses to bring in profits.

ASIC Chief Tell Banking Summit - Trust Must Be Rebuilt

ASIC boss James Shipton is talking tough with calls to rebuild trust in the finance sector and for bankers to be fair in their dealings with clients. It shouldn't be so hard. All that is required is for ethical behaviour to become the norm. Bankers need to realise they don't deserve a disproportionate share of their client's and the nation's wealth. The fleecing must stop.

This is Shipton's speech to the AFR Banking and Wealth Summit. There are some choice points made. How serious is ASIC? Their time to prove themselves is pretty close to up.

Should Banks Be Profiting From Credit Creation?

Don't let this article slip by - you don't see this exposed in the mainstream media every day. The banks have been allowed by corrupt politicians to steal our wealth and freedoms. Adam Creighton revealed the way it's done before Hayne delivered his limited report. Spread this message far and wide. The system is corrupt and in need of structural reform. Join in with Bank Reform Now to get the job done. Stand - Unite - Make It Right.

Bank Of Queensland Has Debts To Pay - $20K To Call It Quits..?? No Way..!!

It's not just the big four banks that have been abusing their clients and the law. Second tier operations like Bank Of Queensland got off even lighter than the big banks. Bankers need to look at what even the impaired Royal Commission managed to do to AMP. Michael Sanderson is owed around $2 million after BOQ manipulated valuations to assist its asset stripping sting. Time for the bank to pay up. See story for important information re: valuation abuse; Equality of Arms; Model Litigant guidelines. It's a game changer.

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