5th Feb 2019
Opportunity missed to right the wrongs of our system
Author: Kaye Fallick
Opportunity missed to right the wrongs of our system

While not quite a once-in-a-lifetime chance to right the wrongs of our financial system, Commissioner Kenneth Hayne did have a rare and important opportunity to prove to ordinary law-abiding Australian citizens that if you break the law, you cop the consequences.

Sadly, despite his frosty rigour during the hearings, it seems he has wimped out.

Yes, he has put forward 76 recommendations for improved practices in areas covering banking, super, financial advice, mortgages, insurance and regulation.

But when it comes to dealing with the executives who knowingly broke the law, time and time again, it seems he was not prepared to name these people or directly refer them for civil or criminal prosecutions.

Instead, he has referred 20 cases back to the ‘twin peak’ regulators, ASIC and APRA, for possible referral to the Director of Public Prosecutions: the very same regulators that the Commissioner himself found to be entirely missing-in-action while the country’s largest financial institutions were perpetuating the worst of these white-collar crimes.

These are the regulators whose willful lack of actions in enforcing the law the Commissioner had previously noted: “The conduct regulator, ASIC, rarely went to court to seek public denunciation of and punishment for misconduct. The prudential regulator, APRA, never went to court. 

So what will change now? As Fairfax journalist Adele Ferguson notes in her commentary today, there are a couple of new commissioners at ASIC, but APRA has kept ‘the same old faces’.

So there we have it.

In a royal commission, truncated and under-resourced by a federal government dragged into having it, at least 20 instances of white collar crime have been revealed – all to the detriment of the consumer, while serving the greed of the institution and the individuals it employs.

The (potential) prosecution of these individuals and financial services institutions has been placed in the hands of the regulators who failed to act or to enforce the law to the degree necessary to support an ethical rules-based financial services system.

And just in case you think these ‘maybe’ prosecutions might happen any time soon, Ben Butler in The Australian today reports Professor Dimity Kingsford-Smith’s prediction that it may take 10 years to work through all the cases involving the ANZ, Commonwealth, NAB, AMP amongst others.

It seems crime does pay, after all. Just not for you and me?

What do you think?





    COMMENTS

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    Lothario
    5th Feb 2019
    11:04am
    Its an outstanding final report and the recommendations entirely appropriate

    Time to move on from this silly witch hunt and focus on what really matters, like providing shareholders with a great return and rising share price
    1984
    5th Feb 2019
    11:47am
    It was neither silly or a witch hunt, please explain
    Grateful
    5th Feb 2019
    11:55am
    Lothario. What you wish is precisely what those crooks have been doing for years and the shareholders have feasted from the most bountiful profits and share price increases in history. From those very same criminals that the Royal Commission has identified, but, weakly failed to directly prosecute.

    And Josh Freidenberg this morning says that they will leave it up to those very same beneficial shareholders to act against the perpetrators!! The very same shareholders who have very happily grabbed those ill gotten dividends and sat back and highly rewarded the executives who have gained them!! Amazing!!!
    Gutless wonders all round!!
    Lothario
    5th Feb 2019
    11:59am
    Grateful -0 your interpretation of the report and Josh's response is totally wrong.

    The regulators will he held accountable . Its their responsibility, not shareholders.
    And Josh has said that they will implement immediately 75 of the 7 recommendations with the remaining one to be reviewed after 3 years. iTS THE RIGHT THING TO DO
    Old Geezer
    5th Feb 2019
    12:03pm
    I agree it was a silly witch hunt that wasted way too much taxpayer's money.

    Best thing is that it reorganised that people need to take responsibility for their own greed and not blame the banks.
    1984
    5th Feb 2019
    12:07pm
    Lothario & OG please explain how this was a witch hunt & the RC was silly
    Old Geezer
    5th Feb 2019
    12:10pm
    Simple nothing will change other than those who need a home loan wont get one but those who don't we be given more money than they need. That is just stupid.
    Old Geezer
    5th Feb 2019
    12:10pm
    Simple nothing will change other than those who need a home loan wont get one but those who don't we be given more money than they need. That is just stupid.
    Rae
    5th Feb 2019
    3:29pm
    If you are not a shareholder get out now. There are other Institutions not run to profit shareholders. Mutual Banks for one and credit unions as well. You can't trust the bankers. That much is obvious.
    Grateful
    5th Feb 2019
    3:40pm
    Lothario. Get your facts right before you say that someone is wrong.
    Check out the script on the RM programme around 7.40 this morning. Josh WOULD leave it up to the shareholders as to what happens to the banks' executives.
    And if we have to wait for ASIC and APRA to accept what Hayne has said, forget about ANYTHING happening to those highly paid, extremely well lawyered executives, probably, in some of our lifetimes.
    Hayne spat the dummy where it counted most. Why, even Terry McCann was "surprised" how mild the recommendations were and called the report "brilliant". Guess why???!!
    TREBOR
    6th Feb 2019
    9:43am
    Paranoid much, Lowthie? Nobody is after shareholders - they should and will be after the managers and such who arranged the rorts... shareholders are just by-product..... if you throw your money onto the shares roulette table and the house is shut down in a police raid and you lose as a result - tough titties.
    Misty
    7th Feb 2019
    5:26pm
    Well so much for the witch hunt Lothario, 2 of the NAB Bank witches have just resigned.
    Lothario
    7th Feb 2019
    10:28pm
    2 good men lost their jobs . And you smirk
    They were honest people who spoke the truth at the RC
    Not like the industry fund people who are experts at political correctness and doublespeak
    1984
    7th Feb 2019
    11:06pm
    more BS Lothario just so you think you have the last word. You just can't accept the truth or you can't handle the truth more likely.
    Industry funds where found to have no wrongdoing & the union representatives worked hard for the members without multi million dollar salaries & bonuses.
    You just can't handle being wrong Like a spoilt little brat, go take your bat & ball home as no one cares about you anyway. ROFLMFHO
    1984
    7th Feb 2019
    11:13pm
    "Ken Henry says he and outgoing NAB CEO Andrew Thorburn are "deeply sorry", after both men announced their departures from the bank in the wake of criticism from royal commissioner Kenneth Hayne."
    Let's hope they are replaced with good union people who will always have the interests of members & clients first & foremost without multi million dollar salaries & bonuses
    Lothario
    7th Feb 2019
    11:16pm
    Hahahahha

    Ken Henry and Thorburn are men of integrity who have fallen on their swords to protect the company and its shareholders
    Union thugs will bleed the company dry, oh and not to mention use company credit cards for massages and happy endings
    Adrianus
    5th Feb 2019
    11:21am
    When it's all said and done, ASIC, APRA and the RBA have more regulatory power than a RC. We need to back them not weaken them by way of nepotism.
    The unions got what they wanted, some hobbles put on their competitors in the race for the superannuation market. Lets see the same rules equally applied to industry funds.
    Wstaton
    5th Feb 2019
    1:31pm
    Don't understand you. Any hobbles put on super funds will affect all super funds including industry funds.

    I can't remember seeing any reference to the industry funds being naughty.
    Adrianus
    6th Feb 2019
    9:31am
    Well, that would reduce the incomes of a few union bosses I guess, if it applies equally to union super funds.
    1984
    6th Feb 2019
    9:51am
    I doubt the union bosses are earning million $ incomes unlike the greedy retail fund bosses
    Adrianus
    6th Feb 2019
    10:04am
    One union boss was offered $12m to retire and refused because it wasn't enough. Unions have already spent $22m on this election.
    1984
    6th Feb 2019
    10:12am
    Then he's learnt from the greedy ceo's then hasn't he, so what's his name. And how much has already been spent by the top end of town on this election.
    Misty
    6th Feb 2019
    10:33am
    Yes Adrianus show us your proof, or did you just pull these figures out of the air?.
    Adrianus
    6th Feb 2019
    11:32am
    I guess you two didn't pay much attention to the other Royal Commission, the one on Union Corruption?
    Adrianus
    6th Feb 2019
    11:33am
    I guess you two didn't pay much attention to the other Royal Commission, the one on Union Corruption?
    Misty
    6th Feb 2019
    12:05pm
    That's not what I asked you Adrianus, show us your proof in writing.
    Adrianus
    7th Feb 2019
    10:51am
    Proof of what?
    Adrianus
    7th Feb 2019
    10:51am
    Proof of what?
    Greg
    7th Feb 2019
    11:10am
    "Proof of what" - you like to act dumb when it suits.

    "One union boss was offered $12m to retire and refused because it wasn't enough. Unions have already spent $22m on this election."
    Misty
    7th Feb 2019
    12:04pm
    How much the union boss was offered and how much unions have already spent on this election, thank you Greg, you would have thought Adrianus would have gathered that wouldn't you.
    1984
    7th Feb 2019
    12:18pm
    And the RC into unions found nothing so was just a witch hunt by the LNP, unlike the RC into banks. Get ya facts right Adrianus or don't make comment or post & save us this drivel
    Adrianus
    7th Feb 2019
    12:52pm
    The Australian Electoral Commission publishes political donations. Last year unions gave Labor $7.9m and spent $14.2m on political campaigns supporting Labor. Can you add that between the 3 of you? You'll find the retirement offer in the TURC transcript. Stop being so lazy.
    Misty
    7th Feb 2019
    5:02pm
    And who donated to the Coalition Adrianus, did you bother checking that out?.
    Adrianus
    7th Feb 2019
    9:53pm
    For the first time in a long time the LNP is getting plenty of money for this campaign. Bill Shorten has worried quite a few people with his $200b of new taxes and open border policy.
    Misty
    5th Feb 2019
    11:50am
    Spoken like a right wing loyalist Lothario, of course you would agree that nothing needs to change wouldn't you, couldn't expect anything else, you are probably a banker yourself or work in the finance industry because no one else would agree with your comments about the RC.
    Lothario
    5th Feb 2019
    11:52am
    lots of people agree with my comments RC. Not the ones who live in leftie cuckoo land of course
    ray from Bondi
    5th Feb 2019
    1:04pm
    I agree with you 100% you can tell the liberal supporters as their comments are always Orwellian and without real substance, leftie and such come on, at least us lefties do not come up statements that are nothing but jabberwocky. A sign of real desperation.
    The banks, the insurance, government, just about every institution is rife with corruption and something has to be done, but sadly all that happened if a lot of hullabaloo from the right wing media and supporters designed to misdirect and coverup
    Adrianus
    5th Feb 2019
    2:55pm
    Except for industry super funds. They are squeaky clean.
    Robbo
    5th Feb 2019
    4:51pm
    I think the first one to go to Jail should be Anna Bligh isn't she in charge of the banking Asssociation, all this happened during her shift, she nothing but a complete fool.
    Adrianus
    5th Feb 2019
    10:12pm
    Robbo, it wouldn't be a good look to have more labor people in gaol.
    OnlyGenuineRainey
    7th Feb 2019
    2:43pm
    I agree Robbo. I had dealings with her when she was Qld Premier and I was rather alarmed at her stance on taking action against white-collar criminals.
    Greg
    5th Feb 2019
    11:50am
    I see the employees of the LNP are in full swing this morning on all the stories about the Banking Royal Commission - remember the one the LNP didn't want, wasn't needed, nothing to see here.
    Old Geezer
    5th Feb 2019
    12:04pm
    Labor didn't want it either and in the end the banks had to ask for it. Good thing too as it showed the banks are doing a great job.
    1984
    5th Feb 2019
    12:10pm
    Wrong OG, the ALP hounded the government for a RC but Turnbull wouldn't budge. It was within the LNP itself that pushed Turnbull & Morrison to act because of the way Australian farmers were being badly treated by the big 4
    Old Geezer
    5th Feb 2019
    12:12pm
    Wrong it was the banks led by the NAB that asked for it.
    ray from Bondi
    5th Feb 2019
    1:11pm
    1984 you have read the book, congratulations so you know what I mean when I mention Orwellian government and supporters. I wish I had thought of that name :). and what is being suggested is nothing but Orwellian changing of the facts. from this, it is the ABC the only media that the right wing hates with a vengeance and has just about crushed for its truth-telling. it is now a glorified weather station at one time if had great insightful current affair programs.
    https://www.abc.net.au/news/2017-11-30/banking-royal-commission-how-did-we-get-here/9210248
    The Prime Minister said it wouldn't happen, but it has. The banks said they didn't want it, but they do.
    Thank god for the internet though I imagine it won't be long till the ministry of truth has its way.
    Wstaton
    5th Feb 2019
    1:18pm
    This makes me sick. Yes the banks in the end did send a letter asking for it. In their arrogance they virtually tried to set the terms of reference. One of them was that the RC should be completed in a timely manner thus making the government restrict the time for it.

    Read the letter here

    https://www.abc.net.au/news/2019-02-05/big-banks-ask-government-to-call-short-royal-commission-letter/10778928

    It also amazed me that on the news today Morison was claiming that he called it. This was after it was rejected by the LNP 26 times.

    I am confounded that no names were released for prosecution. There was no reluctance to release names in the Union RC.

    It also amazing me that they were sent to the very same regulators for action, yes the ones that were criticized by the RC.

    It would also appear that some posters here have no sympathy for those people who were screwed by the criminal activities by some of these financial institutions.

    I wonder about the heartfulness of some people.
    Kaye Fallick
    5th Feb 2019
    1:40pm
    FACT CHECK re who called for the royal commission into banking and financial services.
    About four years ago, firs toff the blocks was Greens senator, John Whish Wilson.
    In NOv 2017 the Labor Party added their support
    Joined by cross benchers last year
    and probable defection of Nationals MP George Christensen forced then PM Malcolm Turnbull to say yes on November 29, 2017.
    (now) PM Scott Morrison claimed at the time that there was nothing to be found.
    Greg
    5th Feb 2019
    1:45pm
    OG - why do you just lie, outright lie, what's the point, everyone knows the truth, just more BS from you as always.
    Lothario
    5th Feb 2019
    2:07pm
    Kaye - where did you get your "facts" from ?

    Scott was right - there really was nothing of note to be found . The RC should have been on ASIC and APRA the incompetent government bureaucracies
    Adrianus
    5th Feb 2019
    2:52pm
    June 2015, the Senate had voted down a motion for the Abbott government to hold a royal commission into misconduct in the financial services industry.
    The Greens were supported in their motion by Nationals senator John Williams, who crossed the floor. Crossbenchers Glenn Lazarus and Jacqui Lambie sided with the Greens and Senator Williams while Bob Day and David Leyonhjelm voted with the government and the ALP.
    Fairfax Media understands Opposition Leader Bill Shorten and shadow treasurer Chris Bowen were not keen to help launch an investigation into the entire financial services sector.
    Labor senators, including Sam Dastyari, who had been a strong supporter for a royal commission into misconduct in the financial services sector, did not cross the floor. So while they say they wanted it they did not vote that way.
    Lothario
    5th Feb 2019
    3:05pm
    Thank you for the real facts Adrianus
    Rae
    5th Feb 2019
    3:34pm
    Banks and politicians can't be trusted. Any customer blithely doing business with them or believing them deserves what they get now. There are no excuses as we have been warned.
    ex PS
    9th Feb 2019
    9:40am
    One would have to wonder, if nothing of note was found, how come the high profile resignations and rush to revise policy and procedures? Just wondering.
    At least Adrianus gives credit where it is due, he commends the left for voting down the original call for an investigation, seems the left tried to save all that wasted money that the Libs. spent on the RC.
    Old Geezer
    5th Feb 2019
    12:00pm
    Gee I was right it was just a witch hunt.
    1984
    5th Feb 2019
    12:11pm
    Please explain
    Old Geezer
    5th Feb 2019
    12:13pm
    What else would you call it?
    1984
    5th Feb 2019
    12:15pm
    You're not answering my question.
    Sundays
    5th Feb 2019
    12:17pm
    Yes, and a lot of heads need to roll
    Old Geezer
    5th Feb 2019
    12:18pm
    Yes a witch hunt that found no witches. In others words they found nothing.
    Old Geezer
    5th Feb 2019
    12:27pm
    The heads of a lot of greedy customers who got caught and lost their loot are the only heads that will roll.
    ray from Bondi
    5th Feb 2019
    1:20pm
    well for a start read this https://www.afr.com/opinion/editorials/those-who-act-for-customers-must-do-so-20190204-h1atl1

    and that is a right wing outlet, or at least that is my belief.

    there were crimes and the commissioner has taken the easy road not wanting to destroy everything (or was told) there is a clear indication of criminal activity as I read it.

    but the liberal Orwellian Ministry of Truth is hard at work convincing us otherwise.
    TREBOR
    5th Feb 2019
    7:18pm
    'greedy customers'? They invest their money in good faith on advice given by the institution they invest in, and are ripped off, and you call them greedy? Do you call bank CEOs greedy for getting into the business on the advice given and copping a hefty earner? Do you call those who gave the advice greedy for talking people into investing and then taking them down the garden path?

    You 'righties' are hilarious - and not just today - you proclaim from the rooftops the virtues of 'business' and the culture of money - but when people follow that route and are mislead and robbed, you say they are just greedy losers, but those who did the dirty deed are not.

    If it weren't so painful for so many - the whole thing would be hilarious.
    Lothario
    5th Feb 2019
    8:11pm
    Oh so easy to deal with your naïve childish comments
    Tell me oh not wise one :
    The poor public who invest their money and their hopes, invest in good faith on advice given by lefties like you, and are ripped off, and you call them greedy?
    Do you call those who gave the advice greedy for talking people into voting Labor, and then taking them down the garden path?

    No Trebor, I call all of them including you, stupid and greedy. Greedy because you don t get enough of trying to convince the public that your outdated ideas work
    Misty
    5th Feb 2019
    9:08pm
    Sorry to tell you Lotghario, I thought you would have worked it out for your self by now but no one is listening to your B--L S--T. Oh and what makes you think it was lefties handing out advice to bank customer's, were you there in all their offices when this advice was given?.
    1984
    5th Feb 2019
    10:47pm
    Misty, me thinks Lothario is a little peeved & name calling & angry because his top end of town mates have been caught thieving, lying, deceiving all because of greed & the excuse they use, looking after the stakeholders, bugger the investors. & now they've been caught out they may face criminal charges, one can only hope so, yes, Lothario is trying to baffle them with BS & playing down the corruption that has been exposed.
    And you are right, nobody is listening to him, actually we're all most likely ROFL.
    TREBOR
    6th Feb 2019
    9:45am
    Wrong on every front, as usual, Loathie - now toddle along and stop trying to make a name for yourself. You've got one already, but I won't repeat it. Now we all know you love the attention like any good little troll - but it's time for beddie-byes.
    Nascar.
    5th Feb 2019
    2:07pm
    Lothario, Old Fart, rubbish as usual.
    Lothario
    5th Feb 2019
    2:10pm
    and you post nothing - just nonsense
    my posts are factual and 100% accurate
    Misty
    5th Feb 2019
    4:25pm
    You are the one posting nonsense Lothario, who agrees with you?, maybe Adrianus and Old Geezer but not many more.
    TREBOR
    5th Feb 2019
    7:19pm
    You haven't posted any facts, Loathie - you lauded someone else's version of facts....

    You really are delusional, aren't you?

    Nobody more, Misty - nobody more.....
    Greg
    5th Feb 2019
    7:39pm
    Misty - yep that's all, the three employees of the LNP.
    Wstaton
    5th Feb 2019
    2:09pm
    I have just finish reading the APRA. (you know that regulatory authority who supposed to work for use and make sure the financial institutions behave themselves) response to the RC interim report last October.

    The response is 20 pages long

    https://www.apra.gov.au/sites/default/files/submission_apra_response_to_interim_report_october_2018.pdf

    All they say about the naughties is they look for misconduct and that they do not penalize every misconduct as it may upset things.

    Not once in the document do they mention what they do if they find criminal misconduct. Actually the word "criminal" by itself wasn't even mentioned. It would appear to them then that criminal conduct just doesn't exist.

    It would appear to APRA that even criminal misconduct should not be penalised.

    Whoa! there are they saying if they see criminal conduct they do nothing about it? Technically criminal conduct should be reported to the police. If APRA don't do this could it be said that they are knowingly aiding and abetting by not doing so which is a criminal offense itself.
    Rae
    5th Feb 2019
    3:37pm
    That is APRA that pushed through the Bank Bail In to take deposits if the banks mess up. They aren't there for the customers obviously. Trust banks at your own peril.
    Misty
    5th Feb 2019
    4:28pm
    Isn't charging dead people fees fraud?, and isn't fraud a criminal offense?, if I committed fraud I am sure I would be charged and face jail time.
    Rae
    5th Feb 2019
    7:08pm
    It is if the executors notified the bank correctly with documentation and they continued charging fees afterwards.
    OnlyGenuineRainey
    7th Feb 2019
    2:46pm
    And has anyone evidenced notifying correctly, with appropriate documentation, but not succeeding in getting the bank to stop charging? I suspect not!
    floss
    5th Feb 2019
    2:11pm
    If we rob a bank we go to jail as we should, if the the bank robs you the CEO .gets paid up to fourteen million per year plus perks.Up till now it was condoned by the Federal Government think about it.
    Lothario
    5th Feb 2019
    2:13pm
    rubbish .
    emotional nonsense . you been reading too much leftie garbage
    Rae
    5th Feb 2019
    3:38pm
    floss people could bring legal charges against theft but they don't bother. Australian consumers are really lazy and expect authority to sort everything out. Bankers lie all the time. What is not to understand.
    Misty
    5th Feb 2019
    4:30pm
    Lothario must be a banker or work in the finance industry, why else would he condone what the banks have been doing.
    Rae
    5th Feb 2019
    7:11pm
    He's a shareholder so he owns a bit of them. It's about the money. Customers need to be very very careful when dealing with banks.
    TREBOR
    5th Feb 2019
    7:21pm
    Lothario is a troll - he always flames and abuses in place of discussion and shows zero respect for anyone else's views. He's a kid.. nothing more... don't believe one word he says, especially about his cunning shareholdings.
    floss
    5th Feb 2019
    2:13pm
    Lothario you and O.G are what is wrong with Australia today, greedy and bloody stupid.
    Lothario
    5th Feb 2019
    2:15pm
    You need to go for anger management therapy
    And while you’re at it , get an education . A basic economics course should do
    Rae
    5th Feb 2019
    3:40pm
    No floss. People using the banks are the problem. If they walked away then shareholders would start demanding the problem be fixed.
    TREBOR
    5th Feb 2019
    7:23pm
    You just need therapy, Loathie.... your private health cover that you love so much should handle it for you... just accept that you need help and don't feel ashamed to ask for it... there's no stigma attached to your being clinically insane.....
    travelman
    5th Feb 2019
    2:27pm
    We all expected better from the Royal Commission but don't be too disappointed, yet - we have to get the response from that weak, incompetent, half-wit treasurer, Josh Fryenberg. Add to the incompetent regulators ASIC and APRA and your disappointment will soon be complete.
    However, help is over the horizon - the month of May and you will be able to wreak your vengeance on that 'freak', the Coalition government; I know I am going to and relish every moment of it as I vote them into past history and may their demise be long and painful for them.

    Luckily, the grubby little hands of this 6 year failed despicable government will not be able to do much to allow those criminal bank parasites to get away with their larceny. Pity, if this was the 16th century there would quite a few bank heads loosing their heads on the 'chopping block'. Perhaps, we will have the common sense and the will to elect a better government to do what is right and just and we can help in that by being very active and diligent to make sure they do what is right and just. They need to know that we, the people of this nation, will be monitoring closely their performance; we have had enough and will accept no more of bad governance. This we have to make known with a new government, simply, because we cannot let the 'status quo' continue. I did a 'stock' check on all the problems, the lies and the deceptions of this government and added all the important policies they should have implemented and did not and I find our nation in a perilous economic and social condition, and will be made more perilous by international instability. Strong, good government is what we have to have and our support of such a government is vital. A good government should never resort to expensive and drawn out Royal Commissions. Royal Commissions only demonstrates that a government has lost the ability to effectively govern and should consider resigning. I believe we are living in a period of our history where dramatic and exciting changes will take place in the way we are governed. I am not worried or concerned because I see hope for the ordinary people of this nation, a bright future and prosperity. I liken it to Germany in the 1920's and 30', from ruin to a nation active, motivated and becoming prosperous, sadly to lose that to an evil man named Adolf Hitler. The people stopped being involved in their country by being gullible to the promises of a madman; from the beginning they should have been more aware to what was happening and while they had 'people' power should have blocked the evil power of a very evil man. He did, however, have a vision for Germany, our government, on the other hand, is dull minded and without vision and I just hope we get someone with a vision and the courage, strength and wisdom to carry that vision to completion. SOMEONE, UNITE US TO BE A NATION WITH HEARTS FOR OUR FUTURE AND THE FUTURE OF OUR CHILDREN.
    KB
    5th Feb 2019
    2:52pm
    This was not a witch hunt. Banks have been exploiting customers unfairly with high fees and charges.Let alone other issues.
    Old Geezer
    5th Feb 2019
    3:10pm
    ROFL
    Rae
    5th Feb 2019
    3:42pm
    Customers were not forced to use these institutions. You know they are not to be trusted. So don't trust them. Simple.
    Misty
    5th Feb 2019
    8:08pm
    It isn't the customers you should be dirty on Rae, they go to banks in good faith, didn't the government tell the nation , nothing to be seen here, no need for a RC.
    Rae
    6th Feb 2019
    9:42am
    Misty I'm not dirty on the customers. I lost a house because a bank manager lied to me. I saw what banks did to family farmers. We were fooled. But never again.

    We know we can't trust banks or politicians and often not the medical industry either. Nothing will change until customers insist it does or walk away from these big 4.

    We know banks exploit us so why use them. There are other institutes less dangerous to our wealth out there.
    Rae
    5th Feb 2019
    3:28pm
    A Royal Commission is not there to prosecute . It's for digging into matters. It's now up to ASIC, APRA, The police to bring charges. Some of those done over need to go make formal complaints to the authorities. They can't act if nobody will bring charges.
    kinkakuji
    5th Feb 2019
    4:30pm
    Any fines imposed on the Banks themselves, are merely fines the Banks customers will have to pay anyway, and they were the poor victims in the first place..........If they don't hand out the fines to the Executives Personally, and penalise them Personally. There is in effect NO Penalty or incentive for them to change their ways...The current Oversight units have demonstrated Clearly they have NO stomach or incentive to control the Banks activities, so they should be disbanded and also held accountable for their abject Failures.......Restart the Commonwealth Bank and offer some incentive Outside of the Cartel, is the only means to keep them in check......in my humble opinion anyway....ALL royal Commissions end up costing all those at the end of the food chain (us) heaps of dollars, the only people who benefit from RC's are the filthy lawyers and judges.
    outlander
    5th Feb 2019
    6:39pm
    My super fund was taken over by a bank..what happened? I lost a lot of money.. We were ROBBED by experts and the banks will get away with it..
    TREBOR
    5th Feb 2019
    7:11pm
    White collar crime obviously pays..... been going on for years....

    Shareholders should take the hit for putting their money in to support these criminals.... the financial institutions should not be permitted to get out from under the rock they built by charging the account holders to pay for it - they should be FINED properly and personally where applicable.

    There is no divine right of shareholders to be paid for criminal activity, or to be paid anything at all - you take your chances in the poker machine.
    Knows-a-lot
    5th Feb 2019
    7:11pm
    Whitewash to be expected under a verminous Lieberal government.
    Knows-a-lot
    5th Feb 2019
    7:14pm
    I see the Rightard trolls are out in force here today, spewing lies as usual.
    LJ
    5th Feb 2019
    7:18pm
    If one takes a helicopter view it is apparent that federal and State politicians are always keen to pass more laws, often duplicating what is already there, but they are missing in action when it comes to supporting the public servants in the monitoring, inspection and enforcement, even where the consequences of infringement could be serious. There are many instances in construction, for example. What is the purpose of having Australian Standards and manufacturers' installation and usage guides, where there is no obligation whatsoever to abide by them? What about import inspections? The list goes on.

    One wonder how politicians from both sides of politics could have the gall to thunder about the banks, where the same people in office have been so absent in action where supporting and encouraging their own (public) servants who have the thankless job of ensuring compliance.

    It is very different where the individual citizen is concerned, examples being taxation or Centrelink, where government and opposition are all in favour of strong-arm tactics and penalties.

    The ordinary public are tired of political gamesmanship and hypocrisy. As if a change of government in Canberra is going to help. Shorten and others were in the seat for years in the Rudd and Gillard governments and focussed on social reengineering.
    TREBOR
    5th Feb 2019
    7:27pm
    My apologies to the crowd here and Kaye - Old Geezer and Lothario/olbaid (diablo) have a tendency to flame and make the whole discussion about themselves... it's their way of avoiding any real discussion of issues raised.... and they hope that by attacking others over their openly stated views, someone will notice them.

    Don't pay any attention to my diversions from subject in slicing them up - they need it.

    I do try to cover the issues as well... not just post silly contrary statements.
    Wstaton
    5th Feb 2019
    8:10pm
    That's exactly why I ignore them as irrelevant.
    GeorgeM
    5th Feb 2019
    8:43pm
    Best to ignore those moronic trolls. Or leave it to 1984 to reply to their stupid meaningless one-liners with his apt one-liners. While the rest of us can focus on real adult discussions.
    OnlyGenuineRainey
    7th Feb 2019
    2:49pm
    They are not alone, Trebor. There are plenty of Labor supporters who have a 'tendency to inflame' also. Knows-a-lot is just one example, with his repeated 'Rightard trolls' comment. There are morons on both sides, sadly.
    cupoftea
    5th Feb 2019
    8:07pm
    my credit union and my super all from my industry f..k your banks
    GeorgeM
    5th Feb 2019
    8:41pm
    Absolutely right, Kaye, a serious opportunity to right the wrongs has been missed, and we may only get minor improvements.

    The Report slammed the banks for being driven by greed and also accused the regulators of being too soft while dealing with these institutions, yet the final Recommendations are light on these two main areas where strong action is needed. Much of the media has ignored an important part of the report regarding "..prudential supervision of remuneration systems..", where it also asks APRA to set new guidelines for remuneration, as it is too mild.

    As I mentioned even before the report came out:
    ASIC and APRA need to be fully restructured, and a new structure with powers (and reporting on it's use or not) strong enough to take direct action. A sensible Govt can still do this.

    Regarding the greed and avarice of people on million-dollar bonuses, it is time for Govts to take the hard road - Stop the Greed Factor! How? Limit maximum CEO Salary to $1 Million (even Gerry Harvey said no more was needed). Any Bonus should be max 20% and based on KPIs to be including at least 50% for Customer Satisfaction based on Independent surveys not by the Bank.

    Neither of the above 2 key actions have been adequately addressed.
    GeorgeM
    5th Feb 2019
    11:46pm
    The other unfortunate side-effect of this weak Report from the RC is that the share market shot up excessively thus rewarding these Bank CEOs and other share-loaded crooks there. Not a punishment at all! Of course, share markets are always fickle and over-react, so tomorrow it will go down. But, over the near-term the crooks are getting away with it.

    An appropriate recommendation could have been to ensure all Bonus payments are paid back, being proceeds of crime, once the cases are proved.
    TREBOR
    6th Feb 2019
    9:49am
    Unfortunately, George, that's the way the game is played in Canberraland.
    Adrianus
    7th Feb 2019
    11:04am
    No it didn't shoot up excessively GeorgeM. The banks simply regained the lost ground endured during the RC. They are almost back to where they started. Sorry if this disappoints you but the media had shareholders worried and it also had institutional funds in a dove mode.
    Misty
    7th Feb 2019
    12:00pm
    Adrianus the shares did shoot up and Labor says someone leaked information to the stock exchange as the shares went up before the final report was made public.
    Adrianus
    7th Feb 2019
    12:53pm
    Stage whispers.
    OnlyGenuineRainey
    7th Feb 2019
    2:40pm
    GeorgeM, it's a good thing the shares are recovering, because most Australians hold shares in banks - either directly or indirectly. Falling share prices hurt the average Aussie far more than any bank executive or director.
    Adrianus
    7th Feb 2019
    4:04pm
    Misty, if someone leaked a peak view of the report to the ASX do you have proof? Does Shorten have proof? He has done this before, I mean released a statement like this when the market gets a fillip. Anyway of what value is that information to the ASX? Unless they were to pass it on to investors.
    Strange you should raise that when I mentioned Institutional funds went dove on the market?
    Adrianus
    7th Feb 2019
    4:04pm
    Misty, if someone leaked a peak view of the report to the ASX do you have proof? Does Shorten have proof? He has done this before, I mean released a statement like this when the market gets a fillip. Anyway of what value is that information to the ASX? Unless they were to pass it on to investors.
    Strange you should raise that when I mentioned Institutional funds went dove on the market?
    GeorgeM
    8th Feb 2019
    12:15am
    I think I was misunderstood. Let me clarify - I don't mind (for the sake of most people) the share market going up, although I believe it always overreacts so the initial bounce may be excessive. On the other hand, the focus of my comments was meant to highlight that the CEOs and others who do have heaps of shares are being rewarded, instead of being punished, after release of the RC report which lists their failures & misbehaviour.

    Hence my main point is that there needs to be action to claw back the ill-gotten gains of these people through some real action against them as a follow-up of the RC report - maybe we may be waiting for nothing, that's my fear.
    Pass the Ductape
    6th Feb 2019
    8:41am
    Bah,ha,ha,ha,ha!
    Hold the banks accountable? You have to be kidding! Anyone with a little teeny bit of nouse will know that given a little time, something else will rear its ugly head to take the heat out of this particular moment. Then this little charade, perpetrated to appease the masses, will all go away.

    The main players in the banking industry know it; the commissioner knows it; as does the government - who right now is doing its bit to calm things down to a manageable level until these crooks get an opportunity to cover their backsides as best they can, then run to an expensive hide somewhere .
    OnlyGenuineRainey
    6th Feb 2019
    9:39pm
    Bottom line: You can't legislate morality. Nothing will change, and neither LNP nor Labor want it to. The politicians and powerful bureaucrats are doing just fine, thankyou, and their bank shares pay nice dividends. Only a fool thinks utopia exists. NOTHING WILL CHANGE, except maybe a few executives will try harder to not be caught in the act of doing wrong.
    Adrianus
    7th Feb 2019
    11:20am
    Morality is not a methodical behaviour. It is a test which many fail from time to time.
    There is a way to help a person's strike rate in passing these tests. You simply remove the temptation so that the tests become less frequent.
    Adrianus
    7th Feb 2019
    12:28pm
    And you educate consumers so that they stop believing that big brother will right any wrongs. This misplaced belief is giving them the laziness of due diligence avoidance.
    OnlyGenuineRainey
    7th Feb 2019
    2:38pm
    That's the crux of it, Adrianus. Personal responsibility seems to be a concept that is disappearing. Everyone in our society seems to want to make somebody else responsible for the mitigating risks. If we returned to the idea that individuals are responsible for ensuring they take adequate precautions, we would have far fewer problems. That is not to say that we shouldn't do what can be reasonably done to assist people to protect themselves and to discourage wrongful behaviour, but allowing people to be lazy and careless and to allocate blame is not helping our society.
    Priscilla
    7th Feb 2019
    12:01pm
    This is not a witch hunt, these crooks should be brought justice for fraudulent behaviour which is unacceptable. Bank and AMP executives and managers should be penalised and given long jail sentences to deter others following in their footsteps. No wonder you are wearing a mask, you must be one of them.
    Misty
    7th Feb 2019
    4:59pm
    I gather you are referring to Lothario Priscilla.
    Robbie
    8th Feb 2019
    12:44pm
    ASIC & APRA are just as guilty as the banks for not enforcing the rules.
    The culprits at the top in banks should be held accountable legally. For Ken Henry to apologise for “ not meeting customers and community expectations “ is a joke!
    How about I am sorry for breaking the law and stealing money from out customers and am ready to face the consequences in court.
    LJ
    8th Feb 2019
    12:54pm
    ASIC and APRA report to the Australian Parliament, the Treasurer and the Parliamentary Secretary to the Treasurer.

    'Independent' statutory authorities are NOT created for blame-shifting by government and the Commonwealth Parliament. The Government of the day and the Parliament have the ultimate responsibility and accountability for the operation and services (outcomes) that the Quango was set up to provide.

    What has been missing is adequate scrutiny and SUPPORT by successive governments and by the federal Parliament.
    Misty
    8th Feb 2019
    1:18pm
    LJ, I very much doubt any government will learn any lessons from this RC if history is anything to go by.
    LJ
    8th Feb 2019
    1:55pm
    Misty, We the public should end the farce encouraged by lazy politicians and hack journalists of regarding government as just the lot sitting on one side of the House (and in the House of Representatives to boot).

    That allows one side to throw manure and not contribute their best efforts to the good of Australia.

    It also allows backbenchers to become disengaged and plot ways to extend their exploitation of their entitlements.

    Government is by the whole of the Parliament, every member of the House of Reps and the Senate.

    EVERY member of the Parliament, past and present should be putting his/her hand up to admit fault where the RC's report is concerned. Or do members want to admit that they don't bother to read the reports that are tabled, or take notice of what is said to them in their electorate.

    Yeah, I know, they are there just to carry a vote when directed to do so. But in that case why pay them so much? And can't they do that in a conference call hook-up form back in their electorate?
    leigh308
    8th Feb 2019
    4:14pm
    Dear Hens, have no fear as we have appointed someone whose values we find entirely compatible with our ideals and scruples to protect you. Mr Fox will be taking up this appointment at his first opportunity. Regulation of administrative personnel within a financial free market is not our responsibility, but we have every confidence that those shareholders advantaged by the administration of financial institutions can be trusted to hold up the lofty ideals of free trade and an open market without any help from us, Yours sincerely, your government


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