In what way is this even remotely related to the OP? It seems...

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redpencil

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10/12/19

10:01

Post #: 41883856
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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.

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In what way is this even remotely related to the OP? It seems that your usual confused and tortured logic processes have resulted in you becoming lost in some tangential line that is preying on your mind.
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