Some climate deniers should be pitied, but none deserve respect., page-524

First 524 Last

Share
Profile

Follow
dave sss

11,661 Posts.

159

10/12/19

09:31

Post #: 41883049
Share

Originally posted by madamswer: ↑

And, less than 12 months out from the conclusion of that Royal Commission’s recommendations were made, what had changed in terms of the behaviour and activities of the major banks?

They still behave in monopolistic manner by, for example, not passing on reductions in official interest rates and they are still unearthing problems arising from inadequate systems oversight (witness the recent Westpac debacle).

And the company that was cast in a particularly bad light during the Royal Commission, namely IOOF, has - coincidentally just yesterday - been given the green light, anyway, to buy ANZ’s wealth management business.

You shouldn’t just believe what you read in the partisan media; you should get out and speak to people who actually work with this kind of stuff.

I have; without exception, every senior person inside financial institutions that I have spoken to since the Royal Commission ended, were most surprised by the distinctly soft sanctions recommended by Justice Hayne.

And when bankers admit they got off lightly then you know it’s a case of a damp squib Commission, given all the travesties brought before it.

Little wonder the conservative government was able to immediately legislate all of the Commissioner’s recommendations; there was nothing at all too punitive or tough about them (unless you were a mortgage broker; for some reason they copped a caning!)

And capital markets reflected that, too, with the share prices of banking stock rallying strongly in the days following the announcement of the Royal Commission’s recommendations.

As for,

“Declaring that "choices must now be made", Justice Hayne also referred some of the nation's biggest company names to regulators for possible criminal or civil action for the way they treated their customers.”,

... are you able to say how many such criminal or civil actions have been successfully prosecuted?

Justice Hayne was presented with a perfect opportunity to precipitate much-needed structural change to change the abusive behaviour of the monopolistic banks in Australia.

Instead, he merely gave them a rap across the knuckles.

As such, he’s lost a lot of credibility in my eyes.

I’ll wager London to a brick that, at some stage over the next 2, 3 or 4 years some more bad banking practices and behaviour will come to the fore.

Expand

The Government has not implemented many of the Banking RC recommendations. 3 of the 4 big bank CEOs are now gone post RC. Anyway, start a thread if you wish to discuss this separately as it going off topic. I would be happy to view and input my thoughts on a separate thread.

"The final report from commissioner Kenneth Hayne made 76 recommendations, 54 of which were directed at the Government, which has been accused of dragging its feet in response to the commission."
2 Upvote

Reply