What the Commonwealth Bank hid from pensioners

The Commonwealth Bank failed to act in the best interests of customers.

What CBA hid from pensioners

A senior executive of the Commonwealth Bank (CBA) has admitted to the banking royal commission that the bank failed to act in the best interests of customers in relation to the sale of credit insurance.

CBA general manager of retail products Clive Van Horen told Commissioner Kenneth Hayne 64,000 credit card insurance policies were sold to pensioners, students and unemployed people, who were ineligible to make claims on the policies.

Under sustained questioning by Counsel Assisting Rowena Orr QC, Mr Van Horen finally conceded: “It was a breach of our obligation to act honestly, efficiently and fairly.”

The CBA executive admitted those purchasing the insurance would have had to be employed to claim on the policies.

Mr Van Horen also admitted that the bank had dragged its feet in reporting the issue to regulators when it was discovered.

He said the bank pushed sales of the policies by offering staff bonus awards of iPads, iPhones, JB Hi-Fi vouchers and payments to staff social funds.

Finance Sector Union National Secretary Julia Angrisano said it was bank workers’ jobs at stake and not iPads or iPhones.

“The toxic sales culture at CBA … permeates down from the remuneration structures of the CEO and senior executives,” Ms Angrisano said.

“Pay models and incentives linked to the sales of financial products is pushed by management in every customer interaction,” she said.

“The employment of CBA bank workers is subject to meeting targets.

“Many of our members have expressed the concern they feel as they are required to either sell inappropriate products to customers, who they know doesn’t need or can’t afford them, or alternately, jeopardise their employment by failing to meet these targets.

“We hear often from workers who are under constant scrutiny and pressure about the levels of sales targets imposed on them.

“There is a constant threat of being placed on a performance management program which can result in a worker losing their job because they did not sell enough debt related products.”

Opinion: Banks appear to be taking advantage of older Australians

We are only into the second week of hearings at the banking royal commission and the early signs point to older Australians being among the chief victims of the big four banks.

The Commonwealth Bank’s admission that it sold useless credit card insurance policies to pensioners who could not claim because they did not work 20 hours a week or more, was bad enough, but its failure to alert regulators was just as bad.

This week’s hearings also revealed some shocking practices by ANZ.

The banking royal commission heard that ANZ had under reported the monthly expenditure of a pensioner applying for a home loan by a whopping $1800 a month.

The man concerned, Robert Regan, detailed the bank’s action in a witness statement. The incorrect information was given to the bank in an application made by a mortgage broker.

The commission heard that, had the bank examined his bank statements properly, the inconsistencies would have been evident.

The worst thing is that these revelations feel like just the tip of the iceberg. The big four banks have had some serious managerial and moral problems for a long time and it will take a long time to get to the bottom of everything.

The royal commission only has until February next year to hand down its final report. With the amount of information uncovered so far, in just two weeks of hearings, it is remarkable that the Government fought the idea of a royal commission for so long.

What do you think? Are you shocked by the royal commission revelations? Do you think there is worse to come? Do you have anything you would like the commission to investigate?

Are you eligible for an Age Pension? Do you know your rights? The RetirePlanner tool has all the information you need.

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    COMMENTS

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    mike
    21st Mar 2018
    10:56am
    Yes, but is it as bad as both Liberals and Labour. Shortens current attack on retirees bank divident rebates, and Hockeys changes to the assets test that destroyed the retirement plans of an estimated 540000, those who worked and saved and also called disabled rorters whilst he himself was rorting the travel allowance several multiples of $288 PN. Then Turnbull announced he was going to reinstate the Pensioner Concession card but it turned out to be another lie and we are told the wealthy are being taxed whilst it is the working middle class that is being targeted and Julia Bishop is handing out hundreds of millions in foreign aid to Muslim countries. Yes the banks are acting unscrupiously but nothing like compared to our Government
    Triss
    21st Mar 2018
    11:18am
    All that's true, Mike, but unfortunately people vote them back in at every election.
    What's that saying? “The definition of insanity is doing the same thing over and over again, but expecting different results”. There seems to be a lot of insanity about at election times.
    jackie
    21st Mar 2018
    12:44pm
    mike and Triss....No member of parliament wants to propose bank regulations because they all have their noses in the trough.
    GeorgeM
    21st Mar 2018
    1:22pm
    Good comments, mike and Triss. This culture of Greed is Good will never change until the monetary incentives from large Bonuses of senior management & CEOs is stopped (replaced bib small bonuses for achieving KPIs, not including Company profits, but including Customer Satisfactioon through independent surveys).

    All, Retirees in particular, need to open their eyes wide and vote all seat-warmers from Liberal, Labor and Greens out by putting them last in preferences, and vote for the best locally available alternative.
    Anonymous
    21st Mar 2018
    3:00pm
    Labour is the U.K. or New Zealand party. Here it's Labor.
    Oars
    21st Mar 2018
    11:11am
    The Banking fraternity has been for a long time in a field of their ownm. They think that the whole world relies on them for some reason. Yet the local milkman and greengrocer who gave us credit in the old days, never treated with arrogence, nor looked down on us if we were a bit late in repayments. But the Banks did,do. What gets into these 'wonkers" mindset, to be such a group of "hallow am I" attitude. My Dad once said " try to avoid borrowing frm banks as they will twist your arm for the slightest reason". He weas right too, but these days we need a system that lends money so that industry can expand and people can purchase homes. The problem is that the Bank's mindset is so entrenched with arrogence that they fail to change. We need a more transparent lending system, where borrowers are checked before they get in "over their necks", and by an independent scrutineer who is legally liable for any stuff-ups. The banks will then need to clean their act up.
    TREBOR
    21st Mar 2018
    11:59am
    They've gotten into that position via self-regulation and via convincing governments that they are 'too big and too important to fail', and thus they operate in full awareness that if they do fail the government will bail them out with your money.

    Historically during the GFC, US banks went cap in hand to the government to get billions, and a hell of a lot of that went into executive's bonuses - yes - the same people who brought the bank to that parlous state.

    Here our 'government' of two parties has deemed that in the event 'our' banks are run into a wall, all those unsecured creditors such as account holders and most likely super holders, will pay first or be last on the list for any cash handout.

    The fearful Gordon Gecko potential exists, in that, for the bank executives to deliberately run into a wall so they can simultaneously pick up billions of taxpayer funds, refuse account holders, and possibly even refuse shareholders, not way staff, etc, while their 'executives' and 'board members' scurry off with billions in traditional Business Breakdown Derby.

    Truly in this day and age we, the ordinary people, are more and more at the mercy of robber barons promoted by poor government.
    Le Grump
    21st Mar 2018
    11:16am
    So.....who goes to PRISON? No one, it will just end up in a Whitewash...!
    TREBOR
    21st Mar 2018
    12:00pm
    Slap on the wrist, sent home on 'stress leave' at full salary, then handed a 'mortgage buster' package to get out and start again, maybe in a new position with the same group.

    SNAFU.
    Garry
    21st Mar 2018
    11:18am
    Being a former bank employee of many years, I can attest that the sales culture, and its relation to staff bonuses, was a complete failure as it promoted rorting which led to " fudging of results, " and selling unwanted and unneeded products to get higher bonuses.
    Todays article is completely correct and it made working in the bank an unnecessary pressure job that I was glad to leave, which was unfortunate as I enjoyed my career up until the new sales culture began.
    Troika
    21st Mar 2018
    11:37am
    I retired early from the bank, after 30 years, because of the sales targets we had to reach. People having to sell to customers they knew did not need the products just to get business. I didn't always get a bonus because I put my customers first, but I have morals.
    NGE
    21st Mar 2018
    11:53am
    Ditto Garry. I was an employee of the CBA for 40 years and I agree wholeheartedly . I also can attest to the "Sales Culture" with pressure put on many Lenders to push their figures and achieve better results and of course then they would the ones who got all the praise and bonuses.
    In the end like Garry I was glad to leave
    Rae
    21st Mar 2018
    12:05pm
    Yes Garry. When we had a bank here a few years back the hard sell and desperation in tellers eyes whenever you had to go into the bank was disturbing. I felt really sorry for those tellers. They are all redundant now as the bank doesn't exist any more.
    GeorgeM
    21st Mar 2018
    1:36pm
    Where is the bloody union shouting at the top of their voices about such pressure on employees? The FSU talking about it now sounds pathetic given that they are supposed to be a powerful union. Only designated Sales people should be asked to push sales (and get commissions). Did all of you (except Rae) complain to your union?
    Le Grump
    21st Mar 2018
    11:25am
    Why the surprise......Turnbull is an ex Goldman Sachs's protege, banker, if you don't understand the implications of that...................
    Jim
    21st Mar 2018
    3:08pm
    So this all started under Turnbull's stewardship did it? I you look at some of the comments these rorts have been going on for at least 40 years, so it hasn't all of a sudden happened under the LNP at least it's being investigated now, even if it was forced on the government.
    TREBOR
    21st Mar 2018
    11:42am
    a) the massive bonuses to its execs
    b) squirreling off dishonest advisors into a comfy retirement on 'stress leave'/cash for life
    c) the money that those wholost could recover
    d) all of the above...

    For Wun MILLYUN Dullahs.... which will it be?

    Umm ... I won't hesitate here, Eddie - lock in d)....
    Tib
    21st Mar 2018
    11:45am
    Recently I went to Westpac to resolve a couple of issues when I was confronted by a young manager who did his best to con and pressure me. What he was saying was obviously a lie and I told him I would take my business elsewhere and everything was suddenly resolved. I also went to CB where I could not get information on one of their products , she actually refused to give it to me and suggested I go to one of their financial advisers. I expect so I could be properly fleeced, which I refused. The behaviour at both banks was dodgy at best, I expect these young bank employees thought I was stupid just because I have grey hair, there also appeared to be an undercurrent of real dislike for baby boomers as if we were responsible for all their problems. Even some jealously.
    Rae
    21st Mar 2018
    12:08pm
    Try being a woman Tib.

    I became totally invisible around the age of 60. I'm seriously thinking of using that invisibility to rob stores blind if I ever need to.
    MD
    21st Mar 2018
    12:26pm
    Sounds like a buzz and I can't wait to see a video of the process Rae, suggest you take a seeing eye dog to save yourself from injury.
    Tib
    21st Mar 2018
    12:36pm
    Rae I understand you think the male experience is somehow better, women often do but trust me they are no more intimated by me than they are by you. Also the second bank employee to try and rip me off was a woman and of the two she was the most aggressive. Banks will happily try to rip us both off, there's equality for you :) By the way if you work out the invisibility think count me in. Lol
    floss
    21st Mar 2018
    11:45am
    Libs and Labor attacking retirees now the banks, New Zealand is looking good.I have had a gut full of this place run by a bunch of greedy crooks that do as they like.Think long and hard at the next Federal election and send a protest vote to both major parties.
    TREBOR
    21st Mar 2018
    12:04pm
    Always planned to, floss... again I will not be voting for any of the majors.. and that currently includes ON, since they flip-flop between public utterances and real action in the house... say one thing then vote for another.

    The Greens are increasingly siding with the Liberals to 'get' their constituency opponents - Librador - so their clear self-interest and striving for power at any cost to morality and ethics is clear.

    Never voted for them anyway, but they are becoming more clear with each day.
    Rae
    21st Mar 2018
    12:14pm
    TREBOR they are so corrupt now the distribution of votes is even suspect.

    I'd like a Resistance Movement and a way to join it.

    We need a Senior's Assembly with it's own candidates.
    TREBOR
    21st Mar 2018
    12:23pm
    I am perpetually left wondering if the whole thing is rigged - the voting public of this nation could not possibly be so stupid as to continue to vote in these losers.
    MD
    21st Mar 2018
    12:36pm
    "The voting public of this nation" - are, and will "continue to vote in these losers" - after all, unless Rae can implement her scheme (not the bank job) what alternatives exist. Not the other "losers" surely ?
    TREBOR
    21st Mar 2018
    12:52pm
    Unfortunately, the only solution to entrenched and systematic abuse of power and long term stuffing things up to benefit mates etc, is an extreme form of control by someone of good ethics and values.

    We all know where that leads..... only a strong hand can force the untangling of all the rubbish that is in play at this time..... but Ein Reich, Ein Volk, Ein Fuhrer doesn't cut it these days...
    GeorgeM
    21st Mar 2018
    1:30pm
    Maybe an Australian Trump - but less Business-benefits-focused?
    Voters have to throw out the current trash from all the major parties. Otherwise the culture will not change - with no incentives for the pollies who are taken care of so well.
    Somehow the word needs to be spread better (beyond YLC) that people do have power through their votes.
    TREBOR
    21st Mar 2018
    6:06pm
    Benevolent diktator.... who knows... someone always holds a grudge and has him/her assassinated.........
    Anonymous
    22nd Mar 2018
    8:36am
    floss - if voting could change things as they are I am sure it would be illegal!
    Crazy Horse
    21st Mar 2018
    12:11pm
    This big business focussed Government is run by a banker. No surprise that it tried to protect the banks until it was forced into this limited enquiry. There is no way that it can do a proper job in the time allowed.

    The Liberals do not and never have cared about pensioners.
    KSS
    21st Mar 2018
    12:38pm
    And you think Mr Shorten & Co do?

    Where have you been for the last few days?
    MD
    21st Mar 2018
    12:55pm
    Please remind us - total $ annually, how much is the social cost for age pension/pensioners ? Nobody cares ? Beware, reality bites and reality has only just begun to flex it's muscles.
    TREBOR
    21st Mar 2018
    6:01pm
    'social cost for aged pension/pensioners'... hmm - that'd be a net nil due to the reality that it was paid for before they got OAP, over fifty working age years of tax contribution (etc)....

    I've said many times - and it needs to repeated over and over again with fierce conviction - ALL aspects of government spending are in the same basket, and NONE should be singled out when it has already paid its way.

    I also listed yesterday certain GENUINE welfare payouts being handed around by our 'government' of two parties, all of which add up to one hell of a lot more than aged pension does.... and that doesn't even include 'corporate welfare' that is handed out with gay abandon in the fervent hope that one day the Frankenstinian Monster of Trickle Down will rise and live....

    "He lives.. my creation lives!"..... don't think we'll be hearing that any time soon.

    21st Mar 2018
    12:49pm
    I agree that the banks' actions have at times been unconscionable, but whatever happened to the principle of Caveat Emptor? If OAP's sign up for this stuff from banks, what other ridiculous deals are they doing at petrol stations, supermarkets and hardware stores? A cynic might query whether the Age Pension is too generous, if oldies are going to sign up for these products without proper investigation.
    TREBOR
    21st Mar 2018
    12:55pm
    That's why we have a need for safeguards, BA.... and precisely why unrestrained capitalism etc is not permitted in any sane society.

    There's more to life than a little bit of money, you know...
    KEVINJ
    21st Mar 2018
    12:54pm
    KEVINJ WHO is OWED V BIG $ S in COMPENSation FOR a CRIMINAL ACT perpetr, UPON him by N. S. W "STATE TRANSIT", Under, a CORRUPT PREMIER &, N.S.W LIB PARTY, - SAY S, as MY life is NearLy, OVER, I, IMPLORE, 100,000 s OF 1,000"s OF GENU "OSSIES", - to RAIL AGAINST, a CORRUPT -&, EVIL,- FED, "JULIE BISHOP", &, RAIL AGAINST, a CORRUPT, &, EVIL,- FED, MALC TURNBULL, -O R, ""TURN COAT"",a FED LABOR STOOGE, sitting I N /AS, a FED L I B PATHETIC, DESPISED " PRIME MIMisTer" Position.. HITLER,- KRUSCHEV, - POL POT, - IDI AMIN,- SUHARTO, ARE ALL ALIVE, & have NEVER, departed, whilsT, VERY UN-lucky, AUST, has had, the DIM--WITTED, ROBBER BARON, DIS- HONEST EVERY DAY Politician-S OF the ""MODern ERA""..- RE- READ, to make, a Decent Decision, - TO talk to Friends -& FAM, abt, - VOTING The CROOK S, - ALL OUT,- for, GOD' S SAKE &, K I D ' S SAKE.. Huge Probs R, Coming, with MOST JOBS being Converted T O, [ ROBOTS }, -TO ""GET I T"",>> E- N- R- I- C- H- E N"", > BILL GATES -& -his I L K.. Via, Soft-Ware $ $ s &, COMPUTER TechNology INcreasing, 1,000 Fold.
    MD
    21st Mar 2018
    12:58pm
    Thankyou KEVINJ, and what exactly is your point ?
    KSS
    21st Mar 2018
    12:58pm
    ??????????? WtF!
    Anonymous
    21st Mar 2018
    1:03pm
    When bringing up all these political figures why not mention Whitlam, Jim Cairns, Booby Hawke, then add John Wayne, Randolph Scott and maybe Nicole Kidman to make a perfect salad of the discussion. Add
    oil and vinegar.
    AutumnOz
    21st Mar 2018
    2:49pm
    KEVINJ's point is asking us all to talk to our family and friends and ask them to join us and vote out all the currently sitting pollies and not to vote for Labor, Libs and greens.
    MD
    21st Mar 2018
    5:34pm
    Cowboy Jim, you forgot the seasoning, otherwise a great recipe. Love it, you should be on TV with alla other 'foodies'.

    Autumn Oz; and what does that leave us with ?
    AutumnOz
    21st Mar 2018
    7:10pm
    MD it may well leave us without a political party governing the country just a bunch of Independents all over Australia.
    It would give all the currently useless seat warmers one hell of a shock and possibly, just possibly, they may start listening to the electors for a change.
    We can but try to get the message through to the pollies that they are failing miserably at their job of governance and the people are not happy about the neglect of their country and its citizens.
    Rae
    22nd Mar 2018
    7:04am
    Yes indeed KEVINJ NSW will be bankrupt within ten years or perhaps even less. They will be screaming for extra GST and Land Taxes by then. Appointing Premiers and Politicians to do the job for banks is rife in Australia and we always end up on the losing side of the trade while these " blow in dealers" go back to very lucrative positions.

    Still if people are idiot enough to keep voting in a Party that they know was set up by fascists they deserve whatever happens I suppose if you take karma literally.
    HarrysOpinion
    21st Mar 2018
    1:25pm
    “It was a breach of our obligation to act honestly, efficiently and fairly.”

    Why don't we call it for what it is -THEFT- !
    GeorgeM
    21st Mar 2018
    1:38pm
    No mention of what is the punishment for such a serious breach!
    Anonymous
    21st Mar 2018
    4:20pm
    So HS - the dividends that flowed into your Super fund account from its exposure to bank shares - I guess you will be giving it back? Yeahh right!
    MD
    21st Mar 2018
    5:52pm
    Touche Big Al, a pertinent comment thanks.
    HarrysOpinion
    21st Mar 2018
    11:13pm
    The dividends that flowed into our Super Fund came from various stock market fluctuations and growth invested by and managed by the Super Funds and not necessarily entirely from bank stock.
    Nevertheless, if dividends did flow from invested bank shares that grew in whole or part due to dishonest dealings by the banks then ASX has the obligation to suspend those bank shares and lodge a criminal complaint with AFP.
    On the subject, of returning the financial gains obtained by dishonest dealings, this will be a matter for the judiciary of the commissioner and may involve Super Fund members suffering lower growth in the future. However, more than likely the banks will be ordered to refund all the victims of the bank's dishonest activities out of their own operating profit.
    As I and all Super Fund members don't know what proportion of the interest earned was from bank dividends and what proportion of the bank dividends was from dishonest dealings, it's difficult to ascertain at this stage whether I would be giving some of it back, unless my Super Fund can clearly define the amount I would not be hesitant in returning the amount.
    You seem to have a bogan attitude BigAl to the seriousness of the bank's criminal conduct regarding obtaining financial advantage by deception.
    KEVINJ
    21st Mar 2018
    1:42pm
    RAE &, TreboR & MD POST;- TREBOR they R so corrupt, DISTRIBU of VOTES is even suspect.
    - I'd like a "Resistance" Move-MenT &,a Way to JOIN.--WE need a SenioR's AssemBly & IT'S -
    OWN CandiDates.. TREBOR 21 Mar18, 12.23, I am perpetually Left 1dering I F, the whole VOTING Thing I S RIGGED; thE VotinG Public, of AUSTRALIA -cld NOT possibly, B, so stupid as To continU - VOTING, These > LOSERS >I N. -- M D 21Mar 18 12: 36pm "Th VotinG PUBLIC of This Nation" - R, & Will, "continUe to VOTE I N, These LOSERS" - After all, Un-less,- RAE can implement HER BLIND SHOPPING SCheme (not the bank job) what ALTERN-S, Exist ? ? ?. Not the Other LOSER-S" - Surely ? ? ? - Now, FROM, > KEVINJ >- ALL The AUST BANK S C A M S, ARE LUCKILY, - POSTED HERE, - From, E X- EMPLOYEES oF, 30- 40 YRS Experi.. HOW Great, they OffeRED.. N O need for ""BOB HAWKE 1,980'S STYLE" ROYaL COMMISS, whc Makes Other Wrong PPL, RICH.. The ROYAL COMMISS, I S, - Right HERE, -on, These PAGES ..-FOOL HAWKE, SAID, ***BULL- SHIT, bc, he WAS, A FILTHY, NON, Caring, ""ALCOHOLIC"", - WHO IS Always, Really "DOWN". Was he a DRUNK ""P. M"", when his EYE=S ROLLED ? ? ? He thought He Was S O SMART, Tellg AUST, the EVIL, "B.S" ROY COMMISS 1,9 8 0'S USE-LESS
    ANSWER.. YES, - WE ALL, REMMBR, HAWKE, - Don't, U, Worry, abt THAT, to QUOTE a "NATIONALS PARTY" D-O-P-E-Y WASTED SPACE, JOE BEJELKE- Pedersen. -SO, wonder-ful, "ALCHO" BOB HAWKE, -for $ 8 0 MILLION $$ S, told US,- the ***B. S" LINE, 'SHOP, Around'. - What A MUG, & A, BODGY STYLED LAIR, telling AUSTLn SUCKER-S his Line.. LOOK up, his,- Pathetic, "HISTORIC" "B. S" Delivery. there Was NO way & IS> No way, to, 'SHOP, Around'.- A StateS-M A N, - N- O- T.. READ A L L, > B A N K > S C A M- S, ->> H E R E ...
    Sundays
    21st Mar 2018
    3:23pm
    Kevin are you using some sort of voice recognition software to type for you because the frequent changes between upper and lower case is hard to read. However, you’ve made some good points
    unhappy
    21st Mar 2018
    1:53pm
    Probably the best way to reduce this corruption is to have the CEO shot as a criminal. Unfortunately, it is not a shootable offence. The banks are pushing the line that we all own the banks and should love them, which is a major departure from truth. So what else is new?
    We really have to ensure that the Royal Commission gets the time it needs.
    TREBOR
    21st Mar 2018
    3:01pm
    Try him in Aceh - they want beheading there for murder.. murdering retirement of many surely fits.....
    Anonymous
    21st Mar 2018
    4:22pm
    So - unhappy, you will be returning all the dividend income your Super account has received by way of it's exposure to bank shares? No, didn't think so!

    21st Mar 2018
    2:01pm
    Nothing to see here
    Lots of silly people buy useless things
    MD
    21st Mar 2018
    5:59pm
    Raphael you may've (unwittingly) 'hit the nail on the head' - as it's generally accepted pollies can indeed be bought ! The question remains - are we getting value for money ?
    Beeman
    21st Mar 2018
    2:05pm
    Perhaps it is time to change the name of the Financial sector of the ASX to "Organised Crime" sector.
    KEVINJ
    21st Mar 2018
    2:06pm
    MD POSTED, 21- 3- 18 :- Thank you, KEVINJ &- What Exactly, IS, UR point ? ? MD has Both ThanKed ME, aft My huge, Diffic, IN-PUT Effort, &, rightLY askeD M E, M Y POINT ?? M D, we LIVE in, V UN-certain (EM-PLOYmenT) Times. I may NVR get, M y LEGALLY OWED, FULL, COMPO, from, the "VALUE DESTROYERS". - I learned Those 2 Words, LonG AGO, B4, the N S W "GOVT DEPT" CRIMINAL- BASED CORRUPTioN, WAS, " SET " upon ME, AS, AN ACT, Not realised, THEN, -of, - BULLYING ME OUT Of, M Y, Very Happy, VERY GAIN FUL EMPLOY.. SO, I can ONLY hope, These Words, explain Well enough, to M D, - MY POINT. Political ParTies ARE, - evil, bec, THEY AIM, to "operate", LonG Term &, ROB & STEAL, VERY, - LONG, - TERM, 'till, they TAKE EVERY-THING ... THANK U, for UR Question, " M D ". I F, U are, a REAL & SWORN, HONEST, DOCTOR, - then i will GIVE U, the CORRUPTION DETAILS A S, perpetraTeD UPON, ME, B y, - 2 ( TWO ) VERY, POWER CORRUPT- E D, MED BOARD & H.C.C CommissioN PROTECTED SYDneY "" DOCTOR S "".-- I F, u, can Take It ? ? ? ? I HAVE NOTHING, TO HIDE, - BUT, A L L - the COMPLICIT PPL, Involved, - D O ---.....
    MD
    21st Mar 2018
    8:40pm
    KEVINJ, I'm sorry to have to say that even were I qualified to assist your dilemma the significant issue of ethics might well debar my input (or anyone else's for that matter) and probably best to keep your cards close - even 'honest Joes' can be tempted to peek given half a chance, and isn't life little more than a card game after all said and done. Forgive my cynicism.
    Where I 'think' I can empathize with your troubles - problematic as they seem, I must decline your offer re access to "CORRUPTION DETAILS".
    Have you consulted your; MP, the Ombudsman, or Board of Practitioners ? Failing any positive response from those quarters then consider approaching a legal eagle (or Legal Aid) to discuss your brief, preferably on a 'no win no pay' basis. Legal consideration may well advise to drop the issue at which time you should try to put your problem behind you, even if a bitter pill to swallow.
    I seriously doubt any conspiracy exists, either with your case or political franchise.
    I wish you well.
    KEVINJ
    21st Mar 2018
    2:18pm
    THANK YOU, GEORGE, 21- 3- 18 1.22 P.M, HERE.. ALL, RetireeS, in Particular, Need to Open their Eyes, VERY, Wde &, VOTE ALL SEAT Warmers, Frm Liberal, Labor & Greens OUT, BY, put -ting THEM, - L A S T, -IN, Preferences,-&, VOTE, FOR, A, BEST, Locally AVAIL, ALTERNative. -- POSTERS SHouLD A L L REPEAT, ABovE LINES, to Get MAXI VALUE, -- HERE.
    Rae
    22nd Mar 2018
    7:22am
    Regardless of the chaos I'd dearly love to see both Houses of Parliament full of totally Independent Representatives.

    I think it time all Major Parties had a period out in the cold to rid themselves of sycophants and lobbyists with greed at the very heart.
    KEVINJ
    21st Mar 2018
    2:25pm
    THANK YOU AGAIN GEORGE, 21-3-18 1.30P.M;- U R WAY I S The, ANSWER :-- Somehow the word Needs 2B, - SPREAD BETTER - ( beyond VALU-ABLE,, "Y L C" ) S O, - P P L, D O HAVE, POWER, -THROUGH THEIR Sensible Agreed, NEW Way, with VOT ING S.
    Le Grump
    21st Mar 2018
    2:42pm
    To KEVINJ...
    Le Grump
    21st Mar 2018
    2:44pm
    Your style of presentation is both boring and childish....either text properly; or just don't bother!!
    TREBOR
    21st Mar 2018
    3:02pm
    He's stuck with a mobile phone... not always easy.
    KSS
    21st Mar 2018
    3:15pm
    But not impossible either TREBOR.

    I frequently use a phone to contribute and don't make the same impossible to read abbreviations, poor punctuation and non-existent sentencing as KEVINJ! Nor do I SHOUT at everyone all through the post.
    Tib
    21st Mar 2018
    3:47pm
    I may be wrong but I'm beginning to think Kevin J has some sort of disability. Or he could be just annoying either way I don't read his posts. Too hard.
    TREBOR
    21st Mar 2018
    6:04pm
    Reports of Stephen Hawking's death are somewhat premature, it seems.
    Tib
    21st Mar 2018
    8:25pm
    Trebor :)))

    21st Mar 2018
    3:02pm
    Axiom: ALL BANKS ARE BASTARDS. The Royal Commission needs to cane these mongrels to the tune of BILLIONS of dollars, and recommend criminal proceedings against their executives. And of course the Lieberal vermin resisted, because the banks are their mates.
    Anonymous
    21st Mar 2018
    4:42pm
    What a load of rubbish

    So some idiots bought insurance they didnt need sold by over exuberant Bank employees

    For that you want to rob the banks and their shareholders of billions.

    People like you should go live in China or Russia
    MD
    21st Mar 2018
    6:08pm
    May not be a particularly long or brilliant future for them in either those countries - if we are to believe said countries history(s).
    koshka
    21st Mar 2018
    3:33pm
    Yes, I know my rights more that many. I have been offered that insurance countless time and ignored them totally...and Way the Gov took so long to act is because it is also immoral so what others immoral do is convenience for them...see...they are very rich because they are immoral. Not everything that is legal is moral...people should think critically and not follow the crowd believing that rich people a good people…some time yes they are, but not always…Wealth, education, experience, looks and so on are NOT often applied for the good of all…
    Anonymous
    21st Mar 2018
    4:30pm
    So many comments such as yours koshka are totally inane. Ever been to a McDonalds Restaurant? Are they not famous for asking 'would you like fries with that?' So what is the difference between them (McDonalds) offering an ad on, and banks doing exactly the same? Sure, it is not a good situation where they are selling products such as insurance to pensioners who are unable to claim on said policy. But how many over weight customers take up the offer to buy the fries? So, do we have a Royal Commission into the McDonalds sales' technique? I think not - it would offend too many Labor voters.
    Anonymous
    21st Mar 2018
    6:37pm
    Good analogy Big Al. These lefties are as dumb as dogpoo
    MD
    21st Mar 2018
    7:42pm
    Steady on Raphael, they justify your input perhaps ?
    Tib
    21st Mar 2018
    8:36pm
    dogpoo ...I'm not feeling very left today. More of a skid mark than a full on poo. Ha ha
    Curious
    21st Mar 2018
    4:10pm
    From my reading of the mood here, enough is enough of the laissez-faire systems of the banks, financial market, social media, elite groups of highly paid executives, big corporation and governments for free market in the name of democracy. I agree with you all. Among our generation, we can see through the dire consequences of the laissez-faire regime in a globalisation.

    We have seen international corporations buying big of our land, properties, importing their own labour to lower our basic wage in the name of competitions, digging up our mineral resources and polluting our environment and ruining our climate. They call it private enterprise. If you probe deeper, some of these corporations are state-own corporations or corporations with heavy state-subsidies. Alternatively, they are conglomerations with enough money power to manipulate our free market and the tax havens to suck us dry to line their pocket overseas. In this laissez-faire regime, it is no different from the cartel of drug operations - money rules. Where else in the world can you buy land, properties and business, exploration of mines, partnership in big farming to the extent that happens in Australia, definitely not in China, Japan, Thailand, UK, USA, etc.

    In the laissez-faire globalisation regime, no single governments can alone bring in a tax reform, restoration of budget surplus, provision of adequate hospital care and education and universal medical care for all without law abiding corporate citizens. It is because there so many leakages they can exploit a state with no boundaries through the lack or inadequate legislation over the misuse of power (Cambridge Analytica), consumer protections, money power to defend, mobility to a different jurisdiction with no penalty (Hardie), etc. Another example is, how on earth, a social media can amass a net worth of $600 billion and pays no tax. This entity was recently fined by European Union for over $2 billion and they didn't feel a pinch until their share value decreased by over 6%. Now the Administrations of UK, USA and Australia are reviewing a need for legislative control over a proper conduct of the corporate giant. The Administrations should not just stop at the social media, they should look at the regime in the context of globalisation.

    As for the big Banks, I am surprised that this has taken so long to get thus far. My bank had looked after me since I was in my early teens. It taught me how to save, provided me with my first job, assisted my tertiary education, gave support to have my first home and subsequent investment for my retirement. Suddenly, this established financial institution had changed this benevolent corporate citizen to a monstrosity, brazenly admitting wrong doing in the current Royal Commission. This has shaken me down to the bone. I can only put down to the reflection of current self-regulation or laissez-faire regime in our Country.

    Before the deregulation of the financial industry, ARB had an Act to govern the prudential requirements of all the commercial banks and their interest rates are subject ARB's official rate. With the deregulation, commercial banks are not subject to ARB's official rate. They can vary the rates according to their assessment of their bottom lines, for awarding executives' remunerations and bonuses and dividends to shareholders and their effects on the share value.

    There is no room for its clients or customers, yes you and me. This begs the question, if tomorrow the ARB's official rate rises, where do we stand with our banks. Should the commercial banks raise their loan interest rates, resulting an extraordinary amount of bad debts and violation of the prudential requirements under APRA. This will results in a more costly fund raising on the world market. Under these circumstances interest rates will definitely increase to the height where we can't bear. We need our Government to restore our confidence and trust with our financial institutions....a right balance between customer service and bottom line for shareholder values and executive rewards. Self-regulation and/or laissez-faire regime are not the answer, if social media is any guide.

    May be it is time, the Administration needs to be refreshed or to have a new bred of a silver brigade in Canberra. Should we have a silver brigade party to stop the generation warfare, to protect our retirement nest eggs, to bring the global regime of law and order for corporate citizens, a fair go for those who try, and to secure our national interest and borders. Any volunteers?
    MD
    21st Mar 2018
    7:38pm
    Although you raise a number of pertinent points relative to globalization Curious, the history of civilization to date (prior to globalization) is writ large - results of the efforts of mankind. All willing volunteers no doubt.
    Rae
    22nd Mar 2018
    7:48am
    We stand on shaky ground Curious.

    I'm watching the 10 year bank bill yield rise and the beginning of liquidity issues surfacing once again.

    If GFC 11 rolls in it's all over for a lot of Australians now.

    As you say we have been sold out, an LNP response no doubt to Whitlam's grand scheme of public ownership of mining, gas and uranium processing to pay for universal free education and health.

    Privatise everything selling to International Companies and Governments and that can't happen ever.

    The Bank Bail In Laws passed on Valentine's day lists "instruments" that may be confiscated to assist banks in strife.

    These may be shares, bonds, hybrids, deposits. Nobody knows.
    I'd be nervous if I had a lot of bank shares, bonds, deposits or thought fixed interest was a safe investment within a retail super fund just now. Nobodu knows exactly what "instruments" means.
    Take a good look at the bill. You could drive a truck through it.

    Nothing is safe any longer.
    MICK
    21st Mar 2018
    4:55pm
    And our current government does not want a Royal Commission into banking. I wonder why.
    Anonymous
    21st Mar 2018
    6:11pm
    because it a total waste of taxpayers money
    ollie
    21st Mar 2018
    11:25pm
    If a union misplaces a few hundred dollars this useless government wants to hang or behead whoever is responsible and hold a royal commission but if the banks are ripping off us poor struggling lowlifes for millions of dollars they turn a blind eye . The way this country is heading they will be handing out suicide pills to pensioners so they can give more to the rich .
    Adrianus
    12th Apr 2018
    11:45am
    Misplaces a few hundred dollars? HA HA HA!!! LOL!!!
    Ollie, you and Stan LOL! what a team LOL
    Love it!
    floss
    21st Mar 2018
    6:42pm
    Curious what a elegant comment one of the best I have read please keep it up.
    Adrianus
    12th Apr 2018
    11:46am
    Thank you Floss, but I don't know how much longer I can keep it up!
    Kee
    22nd Mar 2018
    10:29am
    KevinJ what is the point of your comments? Why capitals in the middle of sentences? Try posting something that makes sense. Kee
    VeryCaringBigBear
    22nd Mar 2018
    8:13pm
    I can't see any difference here to buying a shirt and being offered a tie to go with that shirt. If you don't want tha t tie you say no. If you don't want credit card insurance you say no too.

    Am I seeing that people now have forgotten the word 'No'?

    You don't think it is wrong to offer a tie but if a financial institution offers a complimentary product it is wrong. Talk about double standards.
    MD
    22nd Mar 2018
    8:53pm
    Maybe you've overstated the simplicity here VCBB - a tie thrown into the deal is insignificant, whether taken or rejected. The entire purchase cost is likely less than $50 and as the purchase was intentional both buyer and seller are satisfied, tie aside.
    A financial institution (presumably acting in an ethical manner) offers a card with strings attached - a tie if you like - in the process of hard sell prospective customers were 'sold' insurance. What the institutions failed to advise was a good many of those accepting uptake of the product on offer were supernumerary, ie, exempt from any benefit. The product therefore was bogus, something the smartarsed bank johnnies and the big swingin dicks in the financial sector excell at.
    Now where do you fit in the scheme of things ?
    VeryCaringBigBear
    23rd Mar 2018
    11:19am
    Rubbish there is no difference. A tie is just like the insurance product no matter how you look at it. Some people are their own worst enemy and worse they want someone else to blame for their own mistakes. This whole thing is nothing but bank bashing by these stupid people.
    Adrianus
    12th Apr 2018
    12:26pm
    VCBB, MD has a point. And in that behaviour by the CBA employees lies the real problem which needs changing. But how do you change a culture, which relies so heavily on financial reward for results, in an increasingly competitive market?
    To make matters worse the CBA to some degree still has this aura of being the "people's" bank. This customer culture didn't change when it got listed it simply attracted the wolves to the hen house. The CBA is no longer the biggest by far in terms of funds under management. It has come back to the field somewhat.
    The CBA customers sooner or later need to come to the realisation that it is a bank like any other. They are retailers and all deal in their stock, M1, money.
    Old Geezer
    23rd Mar 2018
    1:23pm
    This just shows that old age pensioners and the rest of those on welfare are being paid too much if they can afford to buy such products or even have a credit card itself.
    Adrianus
    12th Apr 2018
    12:04pm
    What exactly is credit card insurance ?

    The CBA CreditCard Plus Policy, pays 20% of your credit card balance each month (for up to five months) if you become involuntarily unemployed or temporarily disabled.

    It appears to be a low risk type of insurance?

    The policy holder needs to be 18-64 years.
    For $25k cover the premium is $112.50 monthly.
    How many pensioners would even qualify for this policy or have the money to pay the premiums?

    How does this happen? This is wrong!

    "In the race of life, always back self-interest; at least you know it's trying." - Jack Lang
    Hairy
    20th Apr 2018
    10:49am
    Surprise surprise the banks are doing just what our mongrel theiving pensioner discriminating goverment are doing .along with comanys and individuals who are being allowed to steal tax dollars and hide them overseas . The pollies and the top end of town need a Royal commission also. Canberra is nothing more than a den of theives
    unhappy
    20th Apr 2018
    12:20pm
    I put money into a CBA super fund many years ago, without an advisor and some time later, I was told I had an advisor ( who would receive trailing commissions.) Another advisor was later put in place. I think I should have gotten the trailing commissions, as I was the only adviser I had. Do I have a case for recovering the commissions?


    Tags: finance, banking, money,