Banking News

An excellent article from Ian. There will be a Royal Commission. A majority of MPs support it in the House of Reps. Very soon the people will rise up to demand and end to dodgy banking practices that are ruining millions of lives in Australia and right around the world.

NAB is notified when a business banking customer approaches a rival. Privacy breaches a normal part of NAB's business model

Mark Bishop reminisces about his Senate inquiry into ASIC. Pity he forgets a couple of important points.

It's been one scandal after another ... decade after decade. Government has failed. The regulators have failed. More money fro ASIC will not help. We need an honest and determined commitment to genuine reform. It is up to citizens to make sure it happens.

When you pay for insurance you expect to get help when you need it. The CommInsure scandal has shown just how hard a bank will kick a person in their time of need. Imagine - bending over backwards to avoid paying out when people are at their weakest and most vulnerable - when they are sick or dying.

Inquiry hears from victims and ASIC whistleblower. Royal Commission becomes more likely with damning revelations of predatory and unconscionable behaviour by CBA. The "Clawback", long denied by CBA, has been proven. Bankwest clients defaulted by CBA to improve its position in the takeover. Many clients had never missed a payment.

After running the program for 14 months, the bank has only compensated 19 customers less than half a million dollars – despite receiving over 8000 requests for file reviews from clients. Financial planning scandal will lead to bankers leaving the industry. Trust has been destroyed. Lack of trust in banks and governments will lead to economic stagnation. Too much - has been stolen from too many - for too long. This will contribute to the next financial crisis.

NAB planners involved in fraud, forgery and other unconscionable activities against clients. So far the bank has only compensated 62 victims - $1.3 million. If ASIC is serious NAB will be the first bank to be properly dealt with.

The 14-year sentence handed to Tom Hayes, the Yen trader at the centre of the Libor-fixing scandal in the UK, is the longest sentence yet in a scandal that has cost his former employer UBS, and others, US$17 billion in fines. This is the biggest banking financial scandal in history and plenty of people don't want you to know about it.

Millions of Australian rely on advisers, banks, financial firms and superannuation funds to behave ethically and lawfully. Unfortunately recent events show that predatory business practices are common and causing great harm to bank clients. The move toward a proper Royal Commission is now inevitable.