Did the royal commission report go far enough?

Are you confident that the royal commission report will fix the finance sector?

Did the royal commission report go far enough?

The royal commission report into banking and financial services has been labelled everything from a success to an unmitigated flop, with many questioning its efficacy and whether it will do much to clean up the sector.

One of the biggest criticisms was the lack of ‘naming and shaming’ of those who committed white collar crimes, with victims in particular saying the recommendations didn’t go far enough and many wanting to see criminal proceedings immediately set in motion.

“We are disappointed that some recommendations did not go far enough, such as improving remedies for breaches of responsible lending law and banning junk products,” said Financial Rights Legal Centre chief executive Karen Cox.

However, the institution that most had its name dragged through the mud, NAB, has offered up the first two ‘sacrifices’.

Yes, the first major scalps of the banking royal commission’s final report have been claimed, after NAB chief executive Andrew Thorburn and chair Ken Henry confirmed on Thursday that they will both resign.

“I acknowledge that the bank has sustained damage as a result of its past practices and comments in the royal commission’s final report about them,” said now former NAB chief Andrew Thorburn.

“AS CEO, I understand accountability.”

Speaking to the media after the announcement, former chair Dr Ken Henry said he’s also “had to reflect in recent times overwhelmingly on our inability to meet community and customer expectations”.

The resignations come in the wake of commissioner Kenneth Hayne’s scathing criticism of the bank’s practices, which he said stood apart from other lenders.

“More particularly, I was not persuaded that NAB is willing to accept the necessary responsibility for deciding, for itself, what is the right thing to do, and then having its staff act accordingly,” he wrote in his final report.

“Overall, my fear – that there may be a wide gap between the public face NAB seeks to show and what it does in practice – remains.”

While the aim of the report was to create widespread changes in the financial sector, beef up regulators, compensate victims, overhaul banking remuneration, end the unlawful and excessive fees, encourage reform and better protect vulnerable and disadvantaged customers, so far, the report has disappointed many.

But the NAB resignations may show that it is having an effect and that maybe we just need to wait a bit longer for more dirty laundry to be aired.

Critics say culpable individuals and banks should be criminally prosecuted and, with 24 cases of misconduct already being referred to the regulators, given time, some of Australia’s biggest banks could face criminal prosecution.

Mr Hayne says that senior banking executives are to blame for the misconduct.

“There can be no doubt that the primary responsibility for misconduct in the financial services industry lies with the entities concerned and those who managed and controlled those entities: their boards and senior management,” he said.

But let’s not forget that he’s put the onus to process these cases in the hands of the same regulators that have allowed this misbehaviour – nay crime – to proliferate for who knows how long.

The government has also agreed to act on all 76 of Mr Hayne’s recommendations, but again, this is the same government that denied the need for a royal commission in the first place – run by the same party that says taking a hard line against banks would undermine the economy.

“It will be a question of what suggestions or measures they put on the table but I will be very mindful that I want to see the oil that lubricates our financial system – which is access to credit – continues to flow, otherwise the consequences would be quite significant,” Prime Minister Scott Morrison told The Sydney Morning Herald.

Since then, Mr Morrison has gone AWOL.

So, can we really expect sufficient action to take place? The NAB bosses effectively stood down, but will further grandstanding by the government, ASIC and APRA be enough to create real change in the financial sector? Or are criminal proceedings necessary to make a dent in the dark culture of banks and other institutions?

And will the victims of these crimes see any compensation as a result?

We’ll see.

In the meantime, we'd like to know if you think the banking royal commission report went far enough to make real change.

Loading...

And, of course, we welcome your opinions in the comments section below.





    COMMENTS

    To make a comment, please register or login
    sunnyOz
    8th Feb 2019
    10:27am
    So they have resigned - and most probably walk away with a big fat settlement.
    Julian
    8th Feb 2019
    11:17am
    With cushy jobs awaiting them elsewhere.
    Old Geezer
    8th Feb 2019
    11:50am
    H aha they only resigned because they have better things to do.


    Now we will have no other than Mike Baird as CEO and we all know what a mess he made of NSWs power industry.
    Old Geezer
    8th Feb 2019
    12:16pm
    It is more like the CEO wanted to retire and the Chairman didn't want to work with Mike Baird. I don't blame him.
    GeorgeM
    8th Feb 2019
    3:25pm
    Indeed, sunnyOz, I heard they were laughing as they walked out! On top of getting large packages, the jump in the share market ensure that they got big rewards which they can cash out earlier once they leave! Should have instead been sacked with NO package and past bonuses clawed back - if necessary via courts as are proceeds of crime.

    Yes, OG, Mike Baird is a poor choice. Apart from the power industry mess, he is a weak guy who ran from the job when his decisions were getting overturned. Surely they need a CEO with some guts and ability to see the Bank through possibly tough times ahead.
    ex PS
    9th Feb 2019
    7:56am
    They should not have been allowed to resign, there should have been a full internal investigation and if found guilty of misconduct they should have faced criminal charges and sacked without any remuneration from the banks.
    Any other employee who acted this way would not be allowed to walk away with a package.
    ex PS
    9th Feb 2019
    7:56am
    They should not have been allowed to resign, there should have been a full internal investigation and if found guilty of misconduct they should have faced criminal charges and sacked without any remuneration from the banks.
    Any other employee who acted this way would not be allowed to walk away with a package.
    BigAl
    8th Feb 2019
    11:03am
    I wish people would stop bashing the banks. Yes the banks are greedy but so are the people to apply for loans without taking into their account their ability to pay. So a lot of people who apply for loans fudge their expenditures and incomes.They also don't take into account if interest rates rise or if they lose their job. I would rather have healthy banks than banks that may collapse during a financial crisis I don't think many know that there was a run on two Australian banks during the GFC. Also most people who have superannuation accounts get huge returns from bank dividends. The key recommendation that should have come out of the Royal Commision should have been funding for financial education in the schools.
    danielboonjp
    8th Feb 2019
    12:11pm
    Big Al, your knowledge about the finance industry is very small.
    All Lenders have to follow the three C's, collateral, credit history and capacity (to pay the loan): the lending staff have to prove you meet the three C's, if you don't, you get no loan. However, if they still advance the money, it's their responsibility; trouble is, their poor lending practices result in large losses which other customers pay for ...

    A run on any bank is not good news; WHY? because all the money they are alleged to have doesn't exist, it's just a large Ponzi scheme ... NAB could be shut by 5pm Friday if the people who THINK the bank has their money - and actually doesn't have the money - went to withdraw it.

    The bank portfolio in Super funds is risky.

    Teaching finance in schools is a waste of time; teaching those in the existing banking industry (and insurance and super) needs to be done NOW.
    [personally, the Australian Ethical Super Fund stole life insurance premiums from my payout at least a year after telling me I could not get life insurance after 65]
    TREBOR
    8th Feb 2019
    4:36pm
    I doubt the issues are simply people over-extending on loans, BigAl. the utter cupidity of the banks in crating property millionaires, and even certain kinds of business empires on little to no collateral and genuine equity, but only on the basis of a 'business plan' and in the case of property,a never-ending rise in the price of housing, thus generating equity that did not exist at the time of purchase, is a very serious problem.

    Ever wonder how the Crazy Whoever's get off the ground starting from zero? And then fold?
    Business plan....

    As for housing - does a prospective home owner get to walk in with a piece of paper and forecasts of future profit, and buy a house? Not on your Nelly Bligh... or was that Anna?
    professori_au
    9th Feb 2019
    11:08am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:08am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:08am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:08am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:08am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:09am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:09am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:09am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    danielboonjp
    8th Feb 2019
    11:28am
    The best response I read was ... 'if you walk into a bank and steal money, you go to jail, regardless' ... 'bank personnel stealing from customers should likewise go to jail, regardless'
    Old Geezer
    8th Feb 2019
    12:38pm
    If you walk into a bank and tell them they have made a mistake and they fix it then all is good. Banks are human too but one wouldn't think so by the comments here.
    john
    8th Feb 2019
    1:04pm
    I 'd have to ask danielboonejp where is the compensation money??? Is it in the bank accounts of all these greedy CEO'S, THE LIKE OF KEN HENRY?
    SHOULD WE NOT BE RAIDING THE BANK ACCOUNTS OF THE GREEDY CEO's THE ACCOUNTS OF ANYONE OF THE PEOPLE INVOLVED FOR A MINUTE IN LENDING MONEY AND SELLING FALSE INSURANCE AND ADVICE CHARGES FOR NO ADVICE NEEDED OR GIVEN, EVERY INDIVIDUAL EVERY INDIVIDUAL!!!!
    NOT THE BANK OPERATION ITSELF.
    THE BLOODY THIEVING BASTARDS THEMSELVES, EMPTY ARROGANT HENRY'S BANK ACCOUNT, LET HIM GET A JOB SOMEWHERE OUT OF FINANCE AND PAY BACK WHAT HE, OVER SAW !!!!!!!!!!!!!!!!!!!!!!!!!!!
    That is what should happen any one with an ounce of responsibility for taking money under false pretences had better be paying it back, in what ever manner they partook in this disgraceful situation. all of them every chair sitting individual that knew something was responsible for people who also knew something , all of them must pay up ,including the skulk K. Henry.
    TREBOR
    8th Feb 2019
    5:14pm
    Can we apply the same rule to Centrelink and RobberDebt, OG?
    inextratime
    8th Feb 2019
    8:04pm
    With all due respect OG this was not about banks making mistakes. This was about banks deceiving their clients, taking money for services not provided, charging dead people fees and lending money to people who could not pay back by fudging loan applications. Hardly being human me thinks.....did you actually read the results of the inquiry ? !!!
    Rocky2
    8th Feb 2019
    11:29am
    Was and or are ASIC and APRA beginning payed not to follow up complaints, and just who is pocketing the money, should this be the next step in checks and balances in protecting the public
    ex PS
    9th Feb 2019
    7:58am
    Worse, the government would have intervened and told them to go easy with their investigations and penalties.
    geraldf
    8th Feb 2019
    11:36am
    the big banks were underwritten by the fed govt during the GFC - that was about injecting stability back into the sector. don't praise the banks for stability when it was a govt policy that stopped the run from getting momentum

    those who have committed offences should have the full weight of the law applied against them, we jail people for far less egregious offices, white collar criminals should be subjected to the same level of judicial effect as everyone else in society

    while we are at it remove parliamentary privilege and "inherited trust" (automatic security clearance) from politicians

    if politicians were subjected to the same security vetting as fed public servants in defence/dfat we would never have had the circus of dual citzenship in the parlt, all of that would have been picked up in initial vetting

    politicians and white collar criminals should be equally subject to the same rules as everyone else in the community
    danielboonjp
    8th Feb 2019
    12:12pm
    Well said Gerald
    Old Geezer
    8th Feb 2019
    11:48am
    Good to see the witch hunt is over and they found nothing wrong.
    The Care Bear.
    8th Feb 2019
    11:54am
    There are none so blind as those who will not see, i.e Understanding cannot be forced on someone who chooses to be ignorant.
    Old Geezer
    8th Feb 2019
    12:11pm
    There is none so blind who believe the rubbish they see either.
    Karl Marx
    8th Feb 2019
    12:41pm
    yes SRF, a few here are so blind they actually believe it was all a witch hunt & no wrong at all was committed by the banks or financial institutions, except for the Industry funds that they bash because they have union representation who don't demand multi million dollar salaries & bonuses.
    You will never convince these people as they have eyes wired shut
    The Care Bear.
    8th Feb 2019
    4:20pm
    OG's excuse could be that he didn't listen to his mother when she told him "If you don't stop it, you will go blind".
    You should have listened OG, too late now.
    TREBOR
    8th Feb 2019
    4:41pm
    You haven't yet explained how it was a witch hunt, OG.. since the predominance of evidence is against you, you will have to try harder with your submission before you can use that phrase. While the academic board understands that this is the way a catch-phrase signifying very little is developed in the Hitlerian mode, its application in mainstream philosophy is unacceptable and outside the rules.

    Mark:- F (big red F).
    Johno
    8th Feb 2019
    11:49am
    Easy solution to clean up the financial sector! Eliminate bonuses and commissions! People are paid a negotiated salary to perform a specific role and their performance measured against agreed KPI's. If they're not up to it, show them the door! While bonuses and commissions exist, their focus will always be on their own bank balance rather than the Customer. It's human nature!!!
    Old Geezer
    8th Feb 2019
    12:12pm
    So you pay bludgers the same as high achievers. No thanks.
    danielboonjp
    8th Feb 2019
    12:14pm
    Agree Johno
    Gammer
    8th Feb 2019
    12:27pm
    Yes, totally agree!
    Karl Marx
    8th Feb 2019
    12:44pm
    See Johno you post a valid comment & get a stupid ridiculous answer.
    TREBOR
    8th Feb 2019
    5:18pm
    I doubt any large organisation such as a bank would employ a bludger or retain a bludger once shown to be a bludger. Only nepotistic businesses do that.......................... oh......................... wait...........

    It seems then that the real problem is 'jobs for the mates' (male or female, no difference, same as male or female politicians in a party - no difference - all no bloody good but good party people) .........

    How else would a vacant brain such as Mike Baird get such a high-flying job?
    TREBOR
    8th Feb 2019
    5:19pm
    .. or a parasite like Bob Carr.... or a Peter Costello...... or a Kevin Rudd ..... or Julia (Redhead Mk I) ... or ny number of relative incompetents?
    ex PS
    9th Feb 2019
    8:08am
    OG, most of your so called high achievers are incompetent failures. They bought the companies that employed them into disrepute and could have cost them billions in doing so. The only thing that saved them was the government doing all it could to restrict the time that the commission could take to investigate and the scale and scope of the investigation.
    Simple rules should apply, set the KPI's linked to bonuses and pay, if you don't meet the KPI's, no bonus and a salary reduction. If these smug bastards were as good as they say they are this would not represent a problem.
    At the moment it seems we are paying caviar and still getting monkeys.
    Rattled
    8th Feb 2019
    12:12pm
    It's not ok to Lie, Cheat, Steal and Swindle and then let the culprits get off without penalty. You only have to be late with a payment and we get charged. Put some of these crims behind bars, claw back some of their bonus's they obtained by their wrongdoings, punish them, fine the bastards. APRA and ASIC both need a shakeup themselves, they seem complicit.
    Old Geezer
    8th Feb 2019
    12:15pm
    No one lied , cheated or swindled at all. Just greedy people who got caught wanting to blame the banks for their misfortune.
    Karl Marx
    8th Feb 2019
    12:46pm
    Rattled, you are right, but some comments you'll get are rubbish like OG who has his eyes wired shut. Can't handle the truth.
    Wait until the other few wake up from their medicated sleep & you'll get a few other stupid silly replies
    Old Geezer
    8th Feb 2019
    12:51pm
    So I am right in what I say then.
    TREBOR
    8th Feb 2019
    4:43pm
    Don't let the entire discussion become about OG and his running dog - let him operate in an echo chamber. Soon Lothario will be along to start the insults and attempt to derail discussion alongside OG - ignoring them is the best way to go.
    Anonymous
    9th Feb 2019
    11:01am
    OG must be senile. That's the only explanation for his idiotic comments.
    Anonymous
    9th Feb 2019
    11:01am
    OG must be senile. That's the only explanation for his idiotic comments.
    Anonymous
    9th Feb 2019
    11:01am
    OG must be senile. That's the only explanation for his idiotic comments.
    Circum
    8th Feb 2019
    12:12pm
    Your Poll is invalid and biased.It tries to force you answering the Who should pay Question even though you said no compensation to previous question.Consequently you will get a 100% Agree to compensation result...falsely

    8th Feb 2019
    12:16pm
    Both sides, Labor and LNP, opposed the Royal Commission originally.

    It was a National Party MP who pushed for the review. Thanks are due to him and to the whistleblower/s.

    ASIC and APRA existed under both sides of government and so too did the monitoring and enforcement problems that were reported. Simply, governments from either side of the political divide do try to shake off responsibility for functions delegated to organisations deliberately created outside of a Minister's department but answering through the minister to Parliament.

    If there is fault and there is, look no further than the highly paid parliamentarians sitting in the House of Representatives and the Senate.
    Old Geezer
    8th Feb 2019
    12:18pm
    It was the banks led by the NAB who asked for it.
    Karl Marx
    8th Feb 2019
    12:50pm
    Banks, Turnbull, Morrison & Co all fought tooth & nail not to have a RC but when when the pressure from the Nationals from their country constituents got to much they had no choice but to back flip because the people had had enough.
    OG just can't handle the truth especially with eyes wired shut
    Karl Marx
    8th Feb 2019
    12:23pm
    Sack ASIC and APRA as for years they have done absolutely nothing. Restructure & give them the power & teeth to prosecute the banks & their employees as the criminals they are, without any influence behind the scenes from the government. That is the only way to keep the working for the interests of the customers & not for greed.
    Old Geezer
    8th Feb 2019
    12:25pm
    ASIC and APRA are doing a great job. People need to own their own failures not blame the banks.
    Karl Marx
    8th Feb 2019
    12:35pm
    Rubbish, they turned a blind eye for years & didn't do what they where paid for so another waste of taxpayers money.
    Most people will own their own failures but when they are blatantly robbed, lied to, & in some cases had their signatures forged by bank & financial institution employees for their own greedy gain then those banks & institutions are to BLAME. When contracts are signed but then torn up by the banks because THEY changed the rules or bought out a smaller bank so again changed the rules, guilty as charged your honour.
    Old Geezer
    8th Feb 2019
    12:51pm
    BS
    Karl Marx
    8th Feb 2019
    12:52pm
    It's all in the reports in the RC, just open your eyes,
    Oh that's right you've had them wired shut ROFLMFHO fw
    Arisaid
    8th Feb 2019
    1:18pm
    And compensation should come from what will be their golden handshakes.
    GeorgeM
    8th Feb 2019
    3:29pm
    Agree, 1984 and Arisaid. Sack & restructure APRA & ASIC.
    Also, take legal action and recover all past bonuses + any penalties for wrongdoing from CEOs (and any other senior managers) who are proved to have delivered the problems highlighted by the RC.

    The Govt needs to act urgently to produce real outcomes following the RC.
    CarolAT
    8th Feb 2019
    12:26pm
    Labor pushed for the Royal Commission which the LNP knocked back 26 times (it’s on the record) and it was only when a Nats MP threatened to cross the floor that the banking industry instructed the government to go ahead with it - the proverbial being about to hit the fan by way of disclosures of corruption, coercion and grand scale theft. Lives ruined, small businesses destroyed all for the sake of a few extra million in the coffers.
    professori_au
    9th Feb 2019
    11:29am
    I understand the banks had meetings with the government to set the ground rules.
    Credit to Haynes the commissioner he did a much better job than I believe the gov3ernment anticipated, given the parameters set for him to work within.
    What should happen is that where the industry has made profit from its misbehaviour, the fines should be equal, e.g. if $10M profit was made then the fine is $10M, plus compensation to the public, gaol term for those responsibile including senior management and CEO's. This would make a disincentive for further misbehavviour. I have put that question to senior members of the Labor party asking it to reopen the Commission, giving it wide enough powers and setting wider paramters, with sufficient powers to allow it to work effectively. this also requires re-instating thr funding the present government has taken away; alleged $186M in the past two years. This means insufficient staff and resources. It needs replacing and perhaps more given the outcome of the report.
    professori_au
    9th Feb 2019
    11:29am
    I understand the banks had meetings with the government to set the ground rules.
    Credit to Haynes the commissioner he did a much better job than I believe the gov3ernment anticipated, given the parameters set for him to work within.
    What should happen is that where the industry has made profit from its misbehaviour, the fines should be equal, e.g. if $10M profit was made then the fine is $10M, plus compensation to the public, gaol term for those responsibile including senior management and CEO's. This would make a disincentive for further misbehavviour. I have put that question to senior members of the Labor party asking it to reopen the Commission, giving it wide enough powers and setting wider paramters, with sufficient powers to allow it to work effectively. this also requires re-instating thr funding the present government has taken away; alleged $186M in the past two years. This means insufficient staff and resources. It needs replacing and perhaps more given the outcome of the report.
    Chaz
    8th Feb 2019
    12:33pm
    More individuals should have been named and shamed. The likes of ASIC and APRA are too weak and under funded to do any meaningful investigation, nor do they have the intestinal fortitude to do so. The Liberals will definitely not do anything, as after all the banks are their mates! Why did they fight tooth and nail to prevent a Royal Commission? The weasel words currently being bandied about that they will implement the 76 recommendations of the Royal Commission are only a pre election stunt that no one will believe. In the end nothing will happen or change once the hue and cry dies down and I think we all know that!
    TREBOR
    8th Feb 2019
    5:20pm
    Will things change with the next government - whoever that may be. That's the big question, and I am suspicious of all major parties at this time in our history.

    8th Feb 2019
    12:38pm
    They should be made reinburse all the people they took homes from and sold them for a pittance just to get there money.
    Old Geezer
    8th Feb 2019
    12:49pm
    Good idea and then those greedy people will do it to them again when they themselves stuff up.
    john
    8th Feb 2019
    12:53pm
    I would love to see Mr Arrogant Ken Henry spend a few months in the lock up, wipe the "I am great" look off his face.
    I guess his first words on finish up day will be how proud he was of himself even though he has over seen this debacle and filthy handling of customers, even those who have passed away!
    What a pompous ignoramous this mongrel is. But his kind the greed dogs of the banking system, he will probably be set for life wealthy and back into som,ething else, his type are that kind, and if his type is not punished properly , his type will do it all again.
    AND THAT IS THE POINT GOVERNMENT OF THE DAY!!!!!!!!
    DON'T FORGET THAT GOVERNMENT OF THE DAY?????????
    Anonymous
    8th Feb 2019
    2:12pm
    Yes john don't forget Ken Henry was the treasury adviser at one time to Kevin Rudd the failed Prime Minister at the time.

    If they do put him in jail he will have a lot of Labor mates in with him all cooling there heels
    TREBOR
    8th Feb 2019
    4:45pm
    Bit of an extension without support there, Robbo. Let's stick to the issue.
    Adrianus
    9th Feb 2019
    9:41am
    John, if you don't like the banks and hate their employees even more, then why do you use them??
    Adrianus
    9th Feb 2019
    9:42am
    John, if you don't like the banks and hate their employees even more, then why do you use them??
    TREBOR
    9th Feb 2019
    1:44pm
    Ah, so now the general public, which has resided its trust in banks etc, should not have any right to criticise the behaviour of those banks?
    Adrianus
    11th Feb 2019
    9:34pm
    Criticise all you like but such strong condemnation and abuse should really be followed up with support for a person's conviction. Otherwise one may form the opinion that the outrage is cloaked in political motivation.
    Adrianus
    11th Feb 2019
    9:34pm
    Criticise all you like but such strong condemnation and abuse should really be followed up with support for a person's conviction. Otherwise one may form the opinion that the outrage is cloaked in political motivation.
    BigAl
    8th Feb 2019
    1:05pm
    Quite amazed when people take out super sized loans. When they make a profit it's all smiles but when they lose they blame the banks. I remember when interest rates were 14%. The world is rolling in debt over $250 trillion. Wait till the next GFC happens, a guarantee, and then you really want well capitalised banks. People and corporations are equally greedy.
    TREBOR
    8th Feb 2019
    4:46pm
    Good points....
    floss
    8th Feb 2019
    1:08pm
    Some one has to serve time and hand back some of their salary.The big end of town is always protected they are above the law.
    Gee Whiz
    8th Feb 2019
    4:38pm
    Just like the crooks in government and the Public Service.

    When was the last time you heard of a politician being charged with fraud and corruption despite them being found out about rorting their expenses and electoral allowances.


    A law for them and the big end of town and a different law for the taxpayers.
    Peter H
    8th Feb 2019
    1:08pm
    Sadly the review into the role of brokers appears to have been rather cursory. The result is that brokers roles will change substantially or maybe even disappear. The result will be borrowers paying a higher interest rate as brokers routinely negotiate interest rates that are below the Banks' advertised rates. Brokers often recommend smaller lenders than the big four or their subsidiaries. A further affect will be that thousands of support staff face the very real prospect of being unemployed. Smaller lenders who largely rely on brokers to recommend their lending products might also need to shed staff that are no longer needed to process loans. Competition will be reduced and many will borrow from the major banks as they did before brokers provided their services.
    Anonymous
    8th Feb 2019
    2:17pm
    Yes you are correct Peter H brokers were very handy and seemed to be the way to go for the majority needing a loan , but of course there maybe ways around it such as including the brokers fee as part of the loan to be paid by the vendor to the broker on the receipt of the loan.
    There will be other ways as well thought up by some bright spark.
    floss
    8th Feb 2019
    1:13pm
    O.G. you are one funny guy always good for a laugh.
    ex PS
    9th Feb 2019
    8:11am
    Yes I am sure that most of what he says is meant a satyr, no one could really believe such garbage.
    BruserSnr
    8th Feb 2019
    1:56pm
    There must be no discrimination between individuals commiting fraud, and companies doing the same. Additionaly, the pemalty should be comensurate with the severity of the crime. IE Where companies (banks, etc.) defraud, their executives must receive a greater penalty in relation to the amount of money and the number of victims.
    cali
    8th Feb 2019
    2:13pm
    All of the banks have been profit driven for many years without any regard for their customers and actual customer needs and ceased being a responsible bank for everyone.
    The Chairman, Board and CEO of all banks need to be replaced as soon as possible along with those of APRA and ASIC. The latter in particular have been a disgrace and did not meet the requirements of their charter to curb the shocking behaviour and lending policies of the banks that were relaxed to meet the times. The replacements of personnel need to be people who are honest and responsible, and people of industry substance with a solid banking training/background.
    Knight Templar
    8th Feb 2019
    2:19pm
    The survey results appear to confirm the views of most people.

    If evidence of criminal behaviour by banking executives can be established, the accused should be charged and committed for trial. Justice must be seen to be done.

    Aside from any potential custodial sentence, the court, if possible, should order forfeiture of each guilty executive's substantial assets including property, vehicles and financial proceeds. The forfeited assets must be part of the banks' financial restitution to its victims. Shareholders should not have to carry the total burden.
    TREBOR
    8th Feb 2019
    4:47pm
    RICO 'em.
    oldtiger
    8th Feb 2019
    2:50pm
    To me the whole business smacks of being seen to do, or appear to initiate, some action mainly on the basis that because people have been ripped off for years and years and the next election is looming then we'd better do SOMETHING !!!
    The personnel who have been found to be doing the 'rorting' should be treated the same as a murderer, rapist, burglar or other lawbreakers because they have deliberately,with full knowledge, robbed and victimised people who had no recourse or means to be able to take on these so-called pillars of our banking system. Unfortunately this will be highly unlikely because of our weak kneed and gutless politicians who are also (maybe not all but a large number) tarred to a large degree with the same brush.
    Gee Whiz
    8th Feb 2019
    3:02pm
    The government will ensure they get good jobs with their rich mates companies.


    You would have to be extremely naïve to believe that it won't be "business as usual" in the banking sector once the government and Murdoch controlled papers sweep it under the rug.
    TREBOR
    8th Feb 2019
    4:49pm
    When you commit such crimes and /or sins, you should be banned from working in anything but an entry level job.
    taxpayer
    8th Feb 2019
    3:18pm
    I have no confidence whatsoever that individuals will be held personally responsible for their actions. Criminal proceedings should be instituted where applicable.

    8th Feb 2019
    3:37pm
    I wonder how many who have an opinion have read the report of the Royal Commission? I know I haven't so I'm not really entitled to an opinion on something about which I know very little. The document has become a political football and the comments seem to be cherry picked to suit whichever side of politics is mouthing off. The media appears to be quoting those who they favour which is only presenting one side of the discussion.
    ex PS
    9th Feb 2019
    8:12am
    Yes, much like the RC into Unions.
    ex PS
    9th Feb 2019
    8:23am
    Yes, much like the RC into Unions.
    ex PS
    9th Feb 2019
    8:23am
    Yes, much like the RC into Unions.
    Fisherman
    8th Feb 2019
    3:46pm
    The Haynes Royal Commission (HRC) Report was written by the Department of Treasury and supervised by the Treasurer-in-Training. The department included recommendations on banking system RESTRUCTURE which was specifically EXCLUDED from the Royal Commission.

    Perhaps this is why Commissioner Hayne refused to shake hands with the Treasure-in-Training?

    We are being lied to by the Government of the Day and their Treasury!

    The opportunity for corrupt bank behaviour is due largely to unlocked doors between the Investment Banks and the Retail/Commercial Banks. Locked doors usually prevent honest people from entering.

    Perhaps a new pair of glasses for OG, to replace the rose coloured ones currently in use?
    Rae
    8th Feb 2019
    4:45pm
    Eventually Investment banking and retail banking will need to be separated once more. The $17 trillion derivatives will blow up and after a great loss of wealth it will be sorted out yet again. We must be getting close considering the blatant greed and shenanigans. The tail end of all these episodes are renowned for dodgy doings.
    TREBOR
    8th Feb 2019
    4:50pm
    Put the people responsible on trial as well.
    TREBOR
    8th Feb 2019
    4:32pm
    Someone elsewhere said that Royal Commission were an inquisition, in other words, they gather information of all kinds, and are not subject to the usual rules of law under which courts operate. They may refer certain aspects to the appropriate authorities, but they have no specific power, and nor should they, to actually lay charges. To do so would place them outside the Rule of Law.

    For those of you who watch Law and Order and similar US shows - the 'Grand Jury' often referred to is a form of inquisitorial body - any and all evidence of any kind may be laid before it, so that a jury of the people can make a decision whether or not a trial can proceed. In a court, by contrast, much of that evidence may be excluded by legal process, and contested by one side or the other.

    A Royal Commission is similar but with a Commissioner sitting instead of a jury of the people.

    So now it is up to the proper authorities to lay charges and prosecute people.

    In that sense the RC went far enough.

    In another sense, it could have been more extensive or even made permanent, as an adjunct to the financial Ombudsman or as a separate commission in its own right, and continue to look at more and more aspects of financial dealings in this nation.
    TREBOR
    8th Feb 2019
    5:01pm
    Fisherman had a great point above. Needs research.
    kinkakuji
    8th Feb 2019
    4:32pm
    I cannot see the point of Royal Commissions. They seem to be an exercise in white washing contentious matters. We had the senate inquiry about halal certification; nothing happened at all. Then we had the Trade Union RC when the commissioner refused to bring before it witnesses who were critical to a proper outcome and it all faded away like a damp squib.The latest trumpet blast called the Banking RC turned out to be a wet lettuce in the end. Mortgage brokers were offerred as the sacrificial lambs, nothing of value was extended to drought stricken farmers and the real crooks are getting off Scot free with a huge bonus in the value of their employee shareholder plan benefits that make a King's ransom look like petty cash. As they say; laughing all the way to the bank.All the poor suffering public is likely to get out of the Banking RC is another layer of bureaucracy. Bureaucrats to oversee the bureaucrats in ASIC and APRA. What a joke!
    Knight Templar
    9th Feb 2019
    11:26am
    Good summation kinkakuji.

    It is difficult to establish whether these Royal Commissions, at huge expense to the taxpayer, have resulted in any improvement or measurable benefits.

    I personally doubt it!
    professori_au
    9th Feb 2019
    5:29pm
    I believe perhaps another way would be to hold a Grand Jury hearing. This is a jury of the people. As I understand they hear the cases and make a verdict, which is then directed to the lower courts to carry out the prosecutions and recommendations. Our quasi-governments have unlawfully done away with the process although it can be resurrected if a sufficient number of people demand one
    professori_au
    9th Feb 2019
    5:30pm
    I believe perhaps another way would be to hold a Grand Jury hearing. This is a jury of the people. As I understand they hear the cases and make a verdict, which is then directed to the lower courts to carry out the prosecutions and recommendations. Our quasi-governments have unlawfully done away with the process although it can be resurrected if a sufficient number of people demand one
    BruserSnr
    8th Feb 2019
    4:41pm
    People commenting in this forum should take note:
    OG is completely correct. Everyone else is wrong - Royal Commission, Government, most posts here, the vast majority of people I talk to, my personal experience, etc.
    Just OG and a few bank CEO's on the other side. Are you sure you're not (or weren't) a bank executive OG?
    TREBOR
    8th Feb 2019
    5:11pm
    OG lives in a well - he is a blind man - he assumes that all he can feel and see and touch is all there is.

    e.g. he says certain members of his family rort Centrelink by spending big on their houses etc - ergo - everyone on a Centrelink payment is a rorter....
    ... he says he sees pensioners flooding aboard cruise ships - no evidence, but it becomes a fixture of his life that pensioners are rich rorters who go on cruises daily...
    ...he says he knows countless people rorting Centrelink - no evidence and no action taken .. but it becomes a fixture of his mind that everyone rorts Centrelink.

    You see the simplistic style of thinking? I'm not a mental health professional, but there is a name for the kind of syndrome displayed.
    TREBOR
    8th Feb 2019
    5:12pm
    OG displays a narcissistic approach to everything and creates of any discussion a discussion endless about himself. Even we are engaging in it for him
    Pierre
    8th Feb 2019
    5:19pm
    Did the Auditors ( External and Internal) miss discovering any of the numerous rorts or were their reports disregarded by management/ audit committees / directors ?? No mention of Auditors during the Commission hearings or in its report.
    Nomad1946
    8th Feb 2019
    6:21pm
    The arrogance displayed by Henry demonstates his total lack of due care, and inability to recognise same.
    TREBOR
    8th Feb 2019
    6:51pm
    A nation of immigrant shopkeeepers governed by sociopaths....
    Charlie
    8th Feb 2019
    11:17pm
    There are other ways of robbing the public, like the loss of services.

    I live in Townsville Queensland where there were recent major floods. The government has given various people financial compensation for their losses, damage, alternative accommodation and food. The money was deposited directly into bank accounts.

    I went to three outdoor bank machines and they were all out of order..I waited till the banks opened.

    The Commonwealth bank had a great big line up. From the door I could only see one teller.

    I went to a second Commonwealth bank and in through the automatic doors, only to find there were no tellers at all. Just a person to lead me to a row of different purpose machines, all working, then select the right one.

    I later went to an NAB branch were there were two tellers in person and was able to draw
    some cash, but I couldn't help but feel it was a matter of luck.
    Karl Marx
    8th Feb 2019
    11:34pm
    It's all cost savings so the greedy CEO's look like they are creating more profit. Not just banks but all industries. Retailers are another, sometimes no check out will be open appart from the self service with 1 employee showing you how to do their job.
    Capitalism is just going way too far just to achieve more profits for the wealthy.
    professori_au
    9th Feb 2019
    1:38am
    Unfortunately the Royal Commission cobbled quickly together in an attempt to allay public concerns also restricted its parameters and should have not only included fines, penalties and compensations. I asked an MP member if it came to power, would the Labor gvernment re-open the Commission and provide further powers and authority to prosecute, e.g. where banks have made profit from its misbehaviour, then it should lose that profit plus ad fines and gaol terms for those responsible as a deterrant. It will only be when it is not profitable and has severe penalties will banks act more cautiously. Frightening people by claiming there will be a lack of investment I believe I a furphy. It is important to understand banks do not create money; they create debt from whicch they make profit. It is the responsibility of government to create the necessary funds, not the corporation called the Reserve Bank. There is precedence in Australia where Australia created funds for projects, completed the work and everyone was paid and there was no further debt. Yet with the government borrowing from banks funds on behalf of the people it has created a debt structure where millions upon millions is paid in interest. Totally unnecessary. We do not really need banks, except perhaps as administrators for the handling of funds on behalf of the people and the government. It should be and effectively was a non profit organisation. Australia was doing well until our poltical organisations commenced privatising our resources and services. From then on we have suffered increasing costs for our own services. Corporations do not operate for service but for profit. Our power, water, utilities, hospital, medical, etc are increasingly being out sourced to commercial corporation, that are making immense profits for shareholders (mostly foreign) with little for the Australian people. We can look at just about every service the government was responsibile from CentreLink, education, hospitals, roads, rail, shipping, power, water, etc. that has been outsourced or handed over to foreign powers, including destruction of our industries and the sale of our resources at minimum prices where they could ahve been value added and kept employment in Australia. Our governments (quasi-governments) have been busy creating debt and the selling out of the people and the country.
    TREBOR
    9th Feb 2019
    6:36am
    All true.
    TREBOR
    9th Feb 2019
    6:36am
    All true.
    Rae
    9th Feb 2019
    7:31am
    Yes. When it goes wrong there will be cries of "socialism" caused this. When everything you describe fits nicely into "fascist" ideology and still 48% vote for it. What did they fail to learn about WW1 and WW11? How can calling these policies "conservative" fool so many people?
    Privatisation destroys countries. Sells them out to foreign capitalists for short term gain and long term pain.
    Rae
    9th Feb 2019
    7:31am
    Yes. When it goes wrong there will be cries of "socialism" caused this. When everything you describe fits nicely into "fascist" ideology and still 48% vote for it. What did they fail to learn about WW1 and WW11? How can calling these policies "conservative" fool so many people?
    Privatisation destroys countries. Sells them out to foreign capitalists for short term gain and long term pain.
    ex PS
    9th Feb 2019
    8:23am
    The Royal Commission was not about bringing the banks to heel, it was about trying to make an incompetent, ineffective government look like it cared. They got together with the banks and massaged the terms and scope of the commission as to cause the least amount of damage to the banks and their CEO's. Unfortunately for them it does not seem to have worked.
    I have not seen one example of privatization having a positive effect on the people accessing services, it normally serves to increase profits and reduce costs, none of this is passed on to the consumer. What is generally passed on is the reduction of the quality of the services provided.
    Time and time again we seen one government build up Assets only to see another government come in and sell them off in order to build election war chests, we need more long term planning based on taxpayer needs, not election timing.
    Ken
    9th Feb 2019
    9:40am
    All I can say on the matter is that what happened was exactly what we knew would happen.
    Ken
    9th Feb 2019
    9:41am
    All I can say on the matter is that what happened was exactly what we knew would happen.
    professori_au
    9th Feb 2019
    11:10am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:10am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:10am
    BigAl, your comments supporting the banks is surprising, giveen the results from the Royal commission. Are you employed by them or on contract. Sure, I understand greed is an issue fro both the borrower and lender. However, staff/contractors are trained to utilise the gullibility of most customers, exploit those with language and education difficulties and sophistication. Most people to some extent fit into this category; wanting only to fund a home for their family, provide for education and to save for retirement.
    The banking and finance industry code of condcut clearly states its obligations andresponsibilities to its clientile. However, this has been largely ignored by the industry as its objectives are to maximise profit for the shareholders and not to fullfill its obligations. For example, as an advocate, i deal with people where English is not the first language and in many cases education is at a minimal level, yet employees and agents go all out to convince customers applying for loas to increase them "just in case they might need more", knowing in many circumstances the income would not allow them to service the loans. However, property equity was more than sufficient for the bank to recover the loan from the sale of properties. Sale or resumption of properties has excellerated in the past few years and is increasing as these organisations find overseas investors willing to put up the money, and so it goes on. The Globl Finace Disaster was of the banks own making, yet we, the tax payer was expected to bail them out. They should have been left to their own devices, except the government could stand guarantee for the people's savings. The government sold out to the banks its responsibility and now pays high interest for the use of the people's money. Don't just accept the brain washing and excuses by the government and the finance industry but do your own research into the history of what has happened, sometimes stealthily by governments.
    professori_au
    9th Feb 2019
    11:15am
    sorry for the repeat. My computer kept locking up. Seems I have too reload Wondows 10 again. I don't know why Microsoft cannot produce a more reliable system. It has been going long enough. I found windows 7 was more stable. Perhaps it has too many options
    professori_au
    9th Feb 2019
    11:15am
    sorry for the repeat. My computer kept locking up. Seems I have too reload Wondows 10 again. I don't know why Microsoft cannot produce a more reliable system. It has been going long enough. I found windows 7 was more stable. Perhaps it has too many options
    professori_au
    9th Feb 2019
    11:37am
    We could learn a lesson from Iceland where the banks were got rid of and it set up its own banks. I understand the economy of Iceland is going ahead by leaps and bounds.

    9th Feb 2019
    11:55am
    If we had a royal commission into parliamentarians and top public service the banking royal commission would seem tame . I done think this would ever happen because of the corrupt parliament and public servants

    9th Feb 2019
    11:56am
    If we had a royal commission into parliamentarians and top public service the banking royal commission would seem tame . I done think this would ever happen because of the corrupt parliament and public servants

    9th Feb 2019
    11:56am
    If we had a royal commission into parliamentarians and top public service the banking royal commission would seem tame . I done think this would ever happen because of the corrupt parliament and public servants

    9th Feb 2019
    11:57am
    If we had a royal commission into parliamentarians and top public service the banking royal commission would seem tame . I done think this would ever happen because of the corrupt parliament and public servants
    Henry
    18th Feb 2019
    1:37pm
    These heads of Banks and their assistants have committed punishable crimes. Short of going to prison for their misdemeanours, they should at least forfeit their exit compensations and even payback their exorbitant bonuses already received under false pretences.