20th Apr 2018

CBA continued to charge deceased clients for advice

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CBA continued to charge deceased clients for advice
Olga Galacho

The banking royal commission has claimed its first high-profile scalp with AMP chief executive Craig Meller announcing this morning he would step down immediately.

The shock resignation follows a raft of admissions to the commission by the financial services giant involving financial scandals, including lying to the regulators.

All eyes are now on the Commonwealth Bank (CommBank), which earlier confessed to the commission that it charged dead people for services it did not deliver.

Soon after that revelation, the Federal Government announced it would jack up fines to potentially $200 million for financial misconduct.

The queue of politicians and media spokespeople who criticised the decision to hold the inquiry continues to shrink. Even former deputy prime minister Barnaby Joyce now says his initial opposition was “naïve” and told Fairfax Media: “They [the banks] should consider whether they should be in the financial planning business after the evidence delivered. It appears from evidence to be too much of a conflict of interest and a temptation for them.”

 


The Government’s backflip includes offering Commissioner Kenneth Hayne more time to conduct his inquiry into misconduct in the banking, financial services and superannuation sectors and giving regulators the power to sack corporate executives.

Treasurer Scott Morrison and Financial Services Minister Kelly O'Dwyer will today announce new criminal penalties of up to 10 years' jail and maximum fines of $945,000 for individuals breaching the Corporations Act, and fines for corporations of $9.45 million or 10 per cent of annual turnover, whichever is largest, the Australian Financial Review reported.

Civil penalties will increase tenfold with maximum fines of either $1.05 million for individuals and $10.5 million for corporations, or three times the benefit gained or loss avoided, or 10 per cent annual turnover, again, whichever is largest. The fine will be capped at $210 million, the report said.

Meanwhile, on day four of the inquiry’s focus on financial planning advice delivered by the Big Four banks and AMP, it was revealed that CommBank advisers charged clients fees for years after they had died.



Explaining why the advisers escaped with just a warning from the bank and were not reported to the Australian Securities and Investments Commission (ASIC), Marianne Perkovic, CommBank head of private banking, said the organisation was still deciding whether the offences were serious enough to warrant reporting to the watchdog.

An internal CommBank report from 2015 presented on Wednesday showed that a client of the bank’s Count financial planning arm was charged fees from 2003 to at least 2015, despite the planner knowing she had passed away in 2004.

Earlier, AMP Financial Advice Chief Executive Jack Regan admitted to the commission that the investment juggernaut had misled ASIC on at least 20 occasions.

He revealed that AMP was knowingly charging some clients for financial advice they were not receiving, in contravention of ASIC regulations.

Have you been charged for financial advice that was not delivered? Do you think the Government’s planned penalties are enough?

Related articles:
Revenue a priority for AMP
‘Lying’ bosses may face prison
What CBA hid from pensioners





COMMENTS

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Retired Knowall
20th Apr 2018
9:47am
Never mind about Next Time...Perpetrators should do time Now.
If You committed FRAUD in the past and it only came to light Now, you would be charged and prosecuted Now.
heyyybob
20th Apr 2018
11:37am
Yes. It IS amazing how contrite, tearfully apologetic, humbled etc etc bureaucrats, highly paid pollies, sports persons are when they are CAUGHT OUT and as they exit left stage with ill gained loot :( Only when they caught !!
libsareliars
20th Apr 2018
12:16pm
"Perpetrators should do time Now"
Spot on.
MICK
20th Apr 2018
4:27pm
Spot on Retired Knowall. But don't expect any of the white collar criminals do do a day in jail or pay anything from their multi million dollar salaries. We are talking about the top end of town and a system which only ever has golden parachutes and the NEXT job in another business. That is how the crooked top end of town operates. Mates looking after mates at the highest levels of society right up to government.
George
20th Apr 2018
10:56pm
Absolutely, RK.

Also, it is not enough for the CEOs, ec, to just resign and walk away - they must be pursued and made to pay (fines, jail, etc) for their acts including lack of governance which boosted their bonuses - going back to when these acts or omissions of governance occurred.

Also, those resigning or retiring (in the face of the RC grilling) must not be allowed to collect any sort of packages except normal salary, super and leave pay - till it is established whether they have any case to answer.

Somehow, MICK's comments seem to override any expectations - this Govt cannot hurt their mates!
MICK
21st Apr 2018
1:58am
This game is still in play George. We'll see if the fat lady sings.
On past performance I'd say nothing will happen to bank bosses who will deny all and be let walk. I am happy to eat humble pie if I get it wrong but suggest it will fizzle out and the crooks will crawl away to the next money pit they are permitted to raid.
Cassius
20th Apr 2018
10:38am
Banking regulation should be reinstated
libsareliars
20th Apr 2018
12:22pm
Agreed.
George
20th Apr 2018
11:01pm
I hope the RC also makes some serious comments about the inaction by ASIC - why did they let these multiple types of crooked actions happen, and what changes / actions are needed within ASIC itself to make it detect issues and actually take action. We don't need bureaucratic toothless bodies just ticking off everything as OK!
Hairy
20th Apr 2018
10:38am
It should read . Will be be jailed not May be
heyyybob
20th Apr 2018
11:39am
Absolutely !! Just why the hell not??? Some one tell me please :(
Cowboy Jim
20th Apr 2018
11:46am
Financial fraudsters hardly go to jail here, can always afford the best lawyers. Better chance in Europe and even the USA. Here their sandwiches always fall butter-side up.
kinkakuji
20th Apr 2018
10:40am
The Banking Royal Commission is a diversion. The Banksters real fraud is to create money out of thin air. Every time a Bank "grants" someone a loan they have created money by a mere stroke of their pen. They have not lent deposited money its just a book entry . The government has granted them the power to create money out of nothing. Unfortunately the Banksters require you, the borrower, to repay their fictitious loan with REAL money - blood, sweat and tears money. The government reinforces this fraud by allowing a legal system to prosecute (read persecute) you and me if we fail to repay, with interest if you don't mind, a fictitious paper loan with real cash. Now that's something for a Royal Commission to really get stuck into.
Appropriate to equate the banks to crime families. The bosses get $10m to run a legal 'loan sharking' operation. The have people deposit money (mostly those that need a real interest rate) at lowest interest rates possible, lend it at double and sometimes triple and quadruple the interest rate they pay and if not repaid on time, move quickly to grab the collateral regardless of the consequences. 'Shylocks' is a mild description add in the total lack of oversight of 'agents' and they are beyond help.I hope the RC remembers the recession we had to have where the Banks altered the interest rates seeing the recession wasn't market driven the banks acted illegally by foreclosing on loans at the altered rate , the Banks had the deeds to the borrowers properties and their life savings so they just waited until the interest rate increase sucked up all their money and then took possession of everything destroying lives in the process but if you think they are cads have a think of the clean cut and respectable accountants and lawyers who made this their turkey shoot .
Nan Norma
20th Apr 2018
10:47am
Should also be looking at some politicians too.
koshka
20th Apr 2018
2:56pm
YES!!! it was a cover up by some members of the gov...see what I have put above.
Misty
20th Apr 2018
6:43pm
I cannot find another post above from you koshka, did it go astray do you think?.
Nan Norma
20th Apr 2018
10:47am
Should also be looking at some politicians too.
Paulo
20th Apr 2018
11:30am
Pay peanuts and you employ monkeys so the saying goes. We are told that you have to pay good money to get good people. WHAT A LOAD OF BULLSHIT. The more money the executives earn the more they want. Avaricious is the name of the game. What impact will a $1mm fine have on someone earning $8m per year. Put them in jail as well
Triss
20th Apr 2018
1:27pm
Pay high dollars and you get fat cats.
Old Geezer
20th Apr 2018
11:33am
Now that was just what I expected. Leave with a golden handshake and get a better job elsewhere.
keviosays
20th Apr 2018
11:45am
Absolute scoundrels, Lowest of the low . If Joe Ordinary person done this they would serve time why is there 2 different laws??
Cowboy Jim
20th Apr 2018
11:47am
Joe Ordinary could not afford the lawyers which really means two different laws.
ozzie
20th Apr 2018
12:26pm
Both my wife & I worked on the "Indoor Salaried Admin Staff" for the AMP Society in the 70's, 80's & 90's........there were extremely "tricky" actions undertaken by AMP in our time there.....that were never challenged. Whistle blowing was not an "option" in those "master & servant days".......but if there was an indefinite time period for this Royal Commission, they could find "interesting practices" if they went back in time, believe me!!!!
gibbo111
20th Apr 2018
12:36pm
the head of the CBA Wespac and AMP should all do jail time as a disincentive to these low types who are happy to rip off innocent people. No wonder ex banker Turbull didn't want a RC into banks and its a pity Barnaby doesn't look at some of his other decisions ( turning a blind eye to water theft by irrigators, moving the pest authority to his own electorate etc) and realize how out of touch he is. We need a revolution in this country to rid these self serving low lifes. Politicians now coming out criticizing thye banks when only a while ago saying everything was above board. What fools they treat us as. Just like the churches when they realized they were going to be exposed over child abuse. Is this democracy?
Seadove
21st Apr 2018
11:14am
People should leave the big four banks and AMP. I left them over ten years ago as I thought then they were taking advantage when not passing on full interest rate cuts on mortgages. There are plenty of other well governed smaller banks in Australia and I would urge you to just up and change. It isn't that hard to do either, most banks are only too happy to help you move your accounts across to them. Whilst people are hesitant to leave them then you are making the choice between good and bad IMO.
Poppa Bear
20th Apr 2018
12:47pm
What about compensation for the victims? There are many who have lost homes and businesses, as well as those who have lost life savings. Where is the justice for them?
Old Geezer
20th Apr 2018
12:50pm
Many of those who have lost homes and businesses have none but themselves to blame but are looking for someone else to blame instead. Greed does terrible things to people.
gibbo111
20th Apr 2018
12:53pm
Here here
Big Al
20th Apr 2018
1:18pm
One thing that baffles me is how could, in this story an estate that apparently was charged 'fees' for around 10 years after the person deceased. Something doesn't add up here - why were the bank accounts not frozen; and did the estate executor have his/her/their eye on the ball? I can only suspect some sort of criminal collusion in this particular instance
KSS
20th Apr 2018
2:22pm
Yes Big Al, that was my thought too. If someone told the bank the account holder was deceased, why did they not close the account at the same time even if any funds had to be held in trust until after probate? Something doesn't add up in this case as you say..
Old Geezer
20th Apr 2018
2:29pm
Makes no sense to me either as obviously the bank was not told the person was deceased. I'm also wondering if the financial entity debiting the fees was told either. It is also unusual for an estate to take 10 years to wind up too. Sounds like an executor was not on the ball to me on this one.
Sundays
20th Apr 2018
2:44pm
Yes OG except often the banks prey on the uneducated and vulnerable. A friend retired, took her super and went to the bank to pay off her mortgage. The bank employee talked her out of paying the mortgage, but leaving it as a redraw facility. He explained the house was virtually paid off, minimal monthly payments and the $100,000 could be used if she needed money. Within a couple of years, redraw gone, no income and house had to be sold. It was just wrong!
Old Geezer
20th Apr 2018
3:00pm
Well one can't blame the bank for that. The bank didn't hold her hand while she spent it. I'd say she was nothing other than a very stupid woman.
Old Geezer
20th Apr 2018
3:16pm
Remember the saying "A fool and his money are soon parted". Well Sundays you have just given me a very good example.
Sundays
20th Apr 2018
7:07pm
Fool is a bit harsh, but naive with money definitely. The bank knew she would be tempted to spend and preyed on it. Their job, when she went in to pay off her mortgage was to make it happen.
VeryCaringBigBear
21st Apr 2018
7:42am
I have redraw facility myself and like a credit card it is an awesome tool to have if used for your benefit. Your scenario sounds a bit odd to me as someone who has paid off their mortgage is very unlikely to go on a spending spree and undo all their hard work. There is a lot more to this than you are telling us.
Suze
23rd Apr 2018
1:04pm
Totally agree Old Geezer
Sick and tired of all these Victim's claims
Tib
20th Apr 2018
12:57pm
What scalp, retire now on probably a huge payout, much nicer than the people they cheated. Jail time is the only thing that counts.
indi
20th Apr 2018
1:22pm
pay back the rip off first not the fine then fine and jail em
Triss
20th Apr 2018
1:30pm
Definitely.
floss
20th Apr 2018
1:47pm
O.G YOU ARE ONE HEARTLESS TWIT.What a stupid comment, even the most rusted on Liberal would venture a remark like yours.
Old Geezer
20th Apr 2018
2:24pm
Agree I certainly haven't got any pity for greedy people who blame others because they took way too much risk and lost.
Raphael
20th Apr 2018
1:52pm
I for one am sick and tired of this witchunt
Just a bloody circus

Abandon the RC and let the banks get on with doing their work
Old Geezer
20th Apr 2018
2:21pm
I agree it is nothing but a circus.
Big Al
20th Apr 2018
2:49pm
Cant understand why the B..ankers don't just use the Shorten defence when questioned at a Royal Commission - you know - "I cant remember" - it would solve a helluva lot of their problems, and just like Bill their credibility would not be totally shattered!
koshka
20th Apr 2018
2:53pm
I don't totally believe that the Government didn't know about this disturbing affair because this gov only cares that all business make money doesn't matter how and how is criminally affecting the vulnerable. A Royal Inquire should be set into most members of gov. They keep telling us the country is better than even but the poverty advance for those who really do a productive job and pensioners. Housing is another item in which the Opposition should put foot down. Corruption is accepted by this gov. as long the rich gets richer...doesn't mater that workers, the one who really produce, cannot afford a roof on their head: It is unaceptable.
koshka
20th Apr 2018
2:54pm
It was a cover up by the government...they don't care about who is affected by the big boys, their friends...
Old Geezer
20th Apr 2018
3:15pm
I want to know what happened to the old saying "Buyer Beware"?

Some of the stuff people are telling me that happened is something that no normal person would do. Many greedy people are now looking for someone to blame because they took on too much risk and lost. Folks it's your fault so man up and take the blame yourself.
Theo1943
20th Apr 2018
5:13pm
Yes, some stupid greedy dead person didn't cancel their account fees.
VeryCaringBigBear
21st Apr 2018
7:44am
More like the executor of the will fail in their duty as an executor. They should be sued not the bank.
Knows-a-lot
20th Apr 2018
3:23pm
Basic rule: ALL BANKS ARE BASTARDS. Send their board-members - all of them - to jail.
Old Geezer
20th Apr 2018
3:37pm
Banks without their help I would not be as wealthy as I am today. I just love your big dividends and franking credits too. Thankyou banks for believing in me and helping me with my everyday banking and creating my wealth.
Raphael
20th Apr 2018
3:54pm
Yes OG
I have paid almost zero in bank charges over the years and obtained discounted loans that helped me with my home, investment properties and share Investments
All repaid long time ago but still have a line of credit available if I need to use it should a great deal comes along
Banks have helped thousands of Aussies purchase their homes and increase their wealth
Banks okay a critical role in the economy and it’s all positive
OnlyGenuineRainey
20th Apr 2018
4:24pm
OG and Raphael, I'll agree up to a point, but I think we have to acknowledge there have been some very dirty dealings by some banks, and it's not always reasonable to blame victims. People sometimes struggle to defend themselves against wrong-doing because they are not well educated and don't have funds to access legal advice.

I've been done over by banks a couple of times. Fortunately, I have never lost much. On one occasion, Westpac mucked up a settlement of a property sale and charged mortgage interest for 4 months after the settlement. I queried again and again and they kept telling me it takes time for the paperwork to be finalized and all would be corrected. Finally, they did resolve the issue but overcharged me over $2000 interest, claiming the loan was settled 4 months later than the date they received funds and handed over the deeds. It took 8 months to sort that out and they refunded $2000 - no interest for the 8 months they had my money and no compensation for the stress or loss of liquidity their error caused.

On another occasion, a bank approved a loan application. Two months later, after I had written several cheques that bounced, they declared that 99% of loans approved at a local level were signed off routinely by head office, but occasionally head office rejects one just to ''flex their muscles'' and I was ''the lucky one''!!! I sought finance from another bank and thanks to a wealthy friend the loan was arranged post haste, but the first bank then charged $1250 in application fees. Fortunately, I was doing some casual work for a lawyer at the time. He phoned the bank manager and very politely told him he would explain to me that this was bank policy and normal procedure, and I had to pay the fee regardless of them stuffing me around with an approval that was later withdrawn. I was looking at him oddly as he said this, wondering what his game was, but then he added ''Oh, but just before I close this conversation, I must advise that my client will be suing the bank for reputational damage, inconvenience and incidental costs and losses resulting from misleading and deceptive conduct.'' After a short silence, he said ''Oh, you are waving the fee and refunding the $1250 to my client. How very decent of you. Thank you. Yes I'm sure my client will be satisfied and won't proceed with further action''. Now, I could not have secured that result without his help, and back then I would not have been able to afford a lawyer's fee, which would have been more than the loss.

Recently, a relative who took out a 'guaranteed fee free loan'' but hit with $40 a month in fees because ''the bank changed its policy after the loan was finalized''. Yes, the fine print said ''policies may change without notice'', but that's unconscionable when the loan is sold with a clear representation that it's ''guaranteed fee free''.

Banks DO take advantage of less educated and less affluent clients, and it's very often NOT the fault of the client.

I love the dividends too, but it's reasonable to expect that banking staff honour their promises and deal ethically and honestly with customers, and the exposures in the Royal Commission clearly demonstrate that they have NOT done that consistently in the past. While it's very often the alleged victim at fault, that's not always the case, and we should be fair and acknowledge that fact. And there should be stiff penalties for misconduct and accessible recourse for customers who are financially challenged and struggling with poor access to independent advice and help.
Old Geezer
20th Apr 2018
4:56pm
I have had many loans with various banks and have never paid any banks fees to have them. I have always be able to negotiate a much lower interest rate than they were offering too. I have several credit cards and don't pay any annual fees. I have had no trouble with any settlement even when I asked for a 7 day settlement on a property for a big discount on it's price. I regularly checked the interest I was charged and found it only out a cent or two either way. The banks have also helped my kids out as well with same deal as they gave me.

They have never tried to rip me of or charge me for anything that they weren't entitled to charge me.

Either I have had a dream run which I very much doubt or people are telling some real porkies about how badly the banks treated them.

That's right I don't believe a word of this rubbish people are telling the Royal Commission.
VeryCaringBigBear
21st Apr 2018
7:50am
I would also like to say that banks have served me well. When I paid for the houses for the grandkids I had to withdraw all the money in cash and hand it to them so they could put the money in their bank account to pay for their house. Bank had to order in extra cash to make it happen and did it for no charge. They understood that we wanted to leave no trace of where the money went and were more than hapoy to help me.
justme
20th Apr 2018
3:48pm
The government should include mandatory reporting. If a customer suspects a rip off and reports to ASIC and they find a problem not reported by institution, then penalties should be doubled.
Similar should be introduced for aged care facilities re bad care and abuse.
Old Geezer
20th Apr 2018
3:51pm
If I fund even a small problem the bank goes out of it's way to fix it for me. Banks are run by human not driods so one expects mistakes to be made.
Misty
21st Apr 2018
10:28am
So now you asre funding the banks problems OG?, shame on you.
DaveL
20th Apr 2018
4:19pm
We have ball tampering, Bank Royal Commission,CFMEU, and now for the Business Council and Directorss Institute. An honest

We have ball tampering, Bank Royal Commission, CFMEU. Now for the Business Council and Diectors Institute. Not much left of our society. At least the cricketers got their hearing quickly and the media told us how wrong it was. Haven,t heard the media getting stuck into these execs to the same level. Double standard.
Old Geezer
20th Apr 2018
4:59pm
Now we have bank bashing too.
Adrianus
23rd Apr 2018
9:26am
Is the banks' behaviour any worse than ball tampering??
Gee Whiz
20th Apr 2018
4:34pm
So far not one pollie has apologized for not supporting a Royal Commission when they new full well the banking sector was rotten to the core. Barnaby Joyce half heartedly said he got it wrong. But that just doesn't cut it.

They have been rubbing shoulders with the banking and superannuation sectors for years. They would have known the industry was rotten to the core but because they were friends they did nothing about it.

Now at this late hour they start imposing hefty fines in the hope it will detract from them having to send their mates to jail.

Its the pollies who should be going to jail for their failure to protect the Australian people from corporate thuggery.
Old Geezer
20th Apr 2018
4:58pm
Why should they as it was not necessary at all. The banks only asked for it to get it over and done with under their terms. Only people who should go to jail are those who are telling porkies as they look for someone to blame for their own greed.
gazza48
20th Apr 2018
5:10pm
Makes me a little concerned. My super has been going down and down and it is with a financial institution that is an arm of the CBA. Think it is time to cross over to and Industry fund. It is disgusting what they appear to have been doing and it would keep going on if this enquiry was not happening!
patti
20th Apr 2018
5:17pm
Disgusting......Sanctions need to be imposed.....now......before these buffoons had the power to do more damage
Old Geezer
20th Apr 2018
5:18pm
Since banks can't be trusted then the sooner they put all those collecting welfare on the welfare card instead of putting their welfare money in the bank the better.
MICK
21st Apr 2018
1:59am
REGULATE. They won't. Can't put any stringent rules into place to inconvenience the money theft game can we.
KEVINJ
20th Apr 2018
5:53pm
FROM abv:- Marianne Perkovic, CommBank head of private banking, said the organisation was still deciding whether Offences were serious enough to warrant reporting to Watchdog. SHE & 1,000's CORRUPT, Just Like Her, is y, 1,00/s got RIPED OFF, bi CORRUPT AUS, BANKS. ALL who push Pems, in them, sld be ON the STREETS, - with EVERY FILTY, ROTTR\E, LOW LIFE SCAB, of POLITICIANS, in EVIL, LIBERAL party.-ESP -ALL, the "PremieRS", shld, BE, in, Separate JAILS. -NEVER,- TOO - LATE. - MUCH Worse, is COMING. WATCH, SYDN Light RAIL, - DESTROY, - CROOKED - BERJIKLIAN, &- CONSTANCE -&- ALL the OTHERS, In SYDNey, RAIL.
alfie
20th Apr 2018
8:01pm
The big 4 banks have abused their powers and those responsible for fraud should pay now. Let’s not forget the smaller banks too because some of them are owned by the big ones. The saying goes.... like father like son.
VeryCaringBigBear
21st Apr 2018
7:52am
More like people are using banks as scap goats for their own failings.
Misty
21st Apr 2018
10:34am
Maybe this is also the fault of the watchdog as apparently they were alertered to these complaints before and did nothing about them, so David Leynhelm said on Sky News last night. I think this will put paid to any chances the govt had of getting their tax cuts through for big business, Derryn Hinch and one other senator are stickiing to their decision, exclude the banks or no deal.
Old Geezer
21st Apr 2018
1:16pm
Definitely bank bashing then as they not only what banks to pay a banking tax but now want them to pay more tax than any other corporation. Wait a minute who owns these banks? Mum and Dad investors so that's another tax slug on the middle class. Time to divest one's money off shore me thinks.
Misty
21st Apr 2018
9:23pm
The heads of the 4 big banks have conceded they were wrong to oppose the probe by the RC, goodness only knows what else will come to lught in the months ahead.
alfie
20th Apr 2018
8:06pm
In the old days the banks were called services institutions but through the years they have become a utility similar to power and water. We can’t do without them and therefore they can do whatever they want and which they DID!!!
Misty
21st Apr 2018
11:21am
No witchunt, the banks themselves have come out and said they were wrong to oppose a Royal Commission.
Micha
21st Apr 2018
6:40pm
Here we go blindly bashing the banks. The institution called the “bank” is useful for innovation and wealth generation, but unfortunately they also make excellent scapegoats when things go wrong. Yep there should be investigations into any institution where public money is concerned, not only banks.
We need banks or other instituions that do what the banks do, otherise our economy remains stagnant, but they all need to have the same regulatory framework that makes sure their clients' interests are protected.
Misty
21st Apr 2018
9:28pm
Micha no one is blindly bashing the banks, it is there to read in the papers and see on the news, all the wrong doings that have been going on for years it seems, so time the public knew about it and these dodgy dealings were stopped.
Micha
21st Apr 2018
10:39pm
I repeat I have no time for silly women.
Misty
21st Apr 2018
11:46pm
And I have no time for rude silly men.
Kathleen
22nd Apr 2018
6:09pm
Illogical argument and resorting to frivolous reply when challenged!
Micha
22nd Apr 2018
7:25pm
Here we go again, another silly woman, or is it the same woman with two voices???

Is OnlyGenuineRainy the only savvy woman on this thread? No wonder she loses patience with you.
Misty
22nd Apr 2018
9:14pm
No Micha, just 2 different women who can see the truth of what is happeneing with the banks and other financial insitutions, we don't put our heads in the sand and make out it is all the customers fault as some people posting here have said.
Adrianus
22nd Apr 2018
9:03am
Paul Keating has been very quiet?
Retired Knowall
23rd Apr 2018
8:42am
So has Paul Sullivan.
Justsane
22nd Apr 2018
3:42pm
When I was 16, an AMP insurance salesman came round to our house and sold me a life insurance policy which was to mature at 45 years of age. So I was paying fortnightly payments to them for about 29 years. When I hit 45, guess how much I got back? Exactly the amount I had paid in for nearly three decades. No interest, no bonuses, nothing. I could have saved that money myself and done much better. Granted there would have been some sort of payout if I had died during that time, but the chances of a healthy female dying before that age is practically zilch. Charlatans all of them - no interest in anything but getting rich with your money. This sort of thing has been allowed to go on for ages, and people see their big buildings and think they are performing some sort of public service when they are just ripping money off people. It must be time to close down the private insurance industry altogether.
Adrianus
23rd Apr 2018
9:18am
Justsane, when you became a policy holder of AMP they were a mutual organisation, just like an industry super fund, they existed for the benefit of members only. During the late 90s these so called mutuals started demutualising. They were very profitable but like churches paid no tax. However, once they demutualised they should have distributed the reserves amongst policy holders. Did you get your share? They are bloody thieves.
Kathleen
22nd Apr 2018
6:14pm
You would have to wonder why anyone is defending the wrongdoings of the banks? They are admitting doing wrong and LNP are even acknowledging they have been doing some illegal things. So why defend them?
The banks need to pay compensation and LNP need to scrap giving them tax cuts. They will survive!
Unfortunately, the top bosses may never be charged and the scapegoats will only be middle management!
The clean up will most likely be partial at best.
Adrianus
23rd Apr 2018
9:23am
I don't see anyone defending the wrong doings, but lets be rational about this? A strong banking sector is paramount in a strong economy. With this in mind we should not see them as the enemy and try to destroy them, but instead hold them to account while making best use of them. Lets not throw the baby out with the bath water.
Misty
23rd Apr 2018
1:37pm
No one is suggesting throwing the baby out with the bath water Adrianus but some of the comments here give the impression that the banks have not done anything wrong it is all the fault of greedy, stupid people telling porkies, well I will reserve judgement until the end of the RC and their findings, and then maybe we will find out the truth.
Misty
24th Apr 2018
10:45am
Kathleen maybe all those saying the RC into banks is not neccessary, bank bashing etc, have been pevious bank managers or worked in the banking industry or who knows, have family members working there, and just don't want to acknowledge that the banks, along with other financial institutions have been ripping off the public for years. My nephew worked for a couple of the big banks and the pressure put on him to get people to take out loans was such he left in the end and now works for a private company.
Misty
24th Apr 2018
10:45am
Kathleen maybe all those saying the RC into banks is not neccessary, bank bashing etc, have been pevious bank managers or worked in the banking industry or who knows, have family members working there, and just don't want to acknowledge that the banks, along with other financial institutions have been ripping off the public for years. My nephew worked for a couple of the big banks and the pressure put on him to get people to take out loans was such he left in the end and now works for a private company.


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