The Banking Royal Commission . High lights of low dealings
Feb 11, 2019 13:50:24 GMT
Post by questa on Feb 11, 2019 13:50:24 GMT
After many years of complaints from the people and much opposition from the Conservative Parties a Royal Commission was held into Oz Banking practices. Although we knew the Banks were going to get blasted, how bad they were shocked every one. I will C&P bits from our Guardian, just snippets.
Banking royal commission told 90% of financial advisers ignored clients' best interests
Inquiry also told that just 35% of all financial advisers have a degree at bachelor level or above
Australia’s corporate regulator has revealed 90% of financial advisers who provide advice to self-managed super funds have failed to comply with the best interests of their clients.
it has heard a litany of examples of inappropriate advice and misconduct including falsifying documents, with multiple cases of consumers paying ongoing fees and failing to receive regular advice reviews.
poor behaviour by financial advisers in Australia in recent years, including falsifying documents, miss-selling financial products and charging fees for services that never eventuated.
About 306,000 customers of Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP Limited have been paid $216.4m as a result of fees paid for no service.Some advisers charged the deceased for financial advice – in one case for a decade [it] showed multiple examples of financial advisers charging ongoing service fees to clients who had died
The banking royal commission has grilled CBA's CEO and chair about its anti-money laundering and counter-terrorism failures.
the Commonwealth Bank admitted to being the worst financial services entity in Australia for charging customers fees for financial advice they never received
Banks face prosecutions over misconduct and ‘conflicted’ pay systems to be banned as regulators put on notice to fix the industry or face the axe
more than 20 prosecutions involving the major banks, at the discretion of the regulators, some of which could be criminal, some civil, and some both.
Comprehensive national scheme for farm debt mediation to be established.
Elimination of default interest on loans in areas impacted by natural disasters.
The Commissioners were scathing in their summing up and noted the banks' corruption, theft and criminality
Banking royal commission told 90% of financial advisers ignored clients' best interests
Inquiry also told that just 35% of all financial advisers have a degree at bachelor level or above
Australia’s corporate regulator has revealed 90% of financial advisers who provide advice to self-managed super funds have failed to comply with the best interests of their clients.
it has heard a litany of examples of inappropriate advice and misconduct including falsifying documents, with multiple cases of consumers paying ongoing fees and failing to receive regular advice reviews.
poor behaviour by financial advisers in Australia in recent years, including falsifying documents, miss-selling financial products and charging fees for services that never eventuated.
About 306,000 customers of Commonwealth Bank, National Australia Bank, Westpac, ANZ and AMP Limited have been paid $216.4m as a result of fees paid for no service.Some advisers charged the deceased for financial advice – in one case for a decade [it] showed multiple examples of financial advisers charging ongoing service fees to clients who had died
The banking royal commission has grilled CBA's CEO and chair about its anti-money laundering and counter-terrorism failures.
the Commonwealth Bank admitted to being the worst financial services entity in Australia for charging customers fees for financial advice they never received
Banks face prosecutions over misconduct and ‘conflicted’ pay systems to be banned as regulators put on notice to fix the industry or face the axe
more than 20 prosecutions involving the major banks, at the discretion of the regulators, some of which could be criminal, some civil, and some both.
Comprehensive national scheme for farm debt mediation to be established.
Elimination of default interest on loans in areas impacted by natural disasters.
The Commissioners were scathing in their summing up and noted the banks' corruption, theft and criminality