Remember the Haynes Royal Commission in to the extraordinary rip off practices conducted by the banks and the financial sector?
We had three Adelaide resume clients who were so badly effected, they lost their livelihoods.
The government had planned to hit finance executives with million dollar fines but the legislation was pulled after the banks and superannuation industry complained they were not ‘consulted’.
Apparently, several bank chief executives called Treasurer Jim Chalmers to express their ‘disappointment’ at the changes.
The Financial Accountability Regime Bill was a major recommendation from the Banking Royal Commission and would have extended the banking executive accountability regime to include super funds and insurers.
In the final report, Commissioner Hayne said, “a problematic culture exists in the financial sector where the pursuit of profit is put ahead of the interests of customers.”
Millions of dollars were ripped out of the pockets of Australians due to blatant dodgy and illegal practices.
Financial institutions and their intermediaries sold products or services to customers that were inappropriate.
They charged customers for services that were not provided and, in some cases, that were never intended to be provided.
They failed to identify misconduct or, where it was identified, failed to stop it occurring or to report it to regulators.
They failed to deal with customers fairly and openly.
One must ask what a government is for if not to protect it’s people from parasites?
Don’t consult. DO!