Bank Royal Commission

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Bank Royal Commission

Postby Aussie » 01 Dec 2017, 12:39

Let's have a dedicated Thread from before it starts.

Link.

Jayzuz......he is 73 years old. Why has this old bloke been dragged out of the judicial graveyard?
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Re: Bank Royal Commission

Postby HBS Guy » 01 Dec 2017, 12:48

Reliable friend of the Liberal Party?
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Re: Bank Royal Commission

Postby Aussie » 01 Dec 2017, 12:54

HBS Guy wrote:Reliable friend of the Liberal Party?


Turnbull says he bring a 'wealth of experience.' Rubbish.....sitting on your arse for 17 years in the High Court provides no grounding whatsoever in the conduct of a Royal Commission. You need a Fitzgerald type bloke.....and investigator, someone who knows how to lead a team of investigators and very senior counsel assisting. A hands on leader, something a High Court Judge is not experienced in.
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Re: Bank Royal Commission

Postby HBS Guy » 01 Dec 2017, 21:02

Laura Tingle writes “Royal commissions are notoriously dangerous politics in the best of circumstances. The perils of such an inquiry framed in an atmosphere of political desperation are likely to only be greater.” She finds it passing strange that the ToR target industry super funds, one of the few financial outfits actually providing benefit for its customers. Google.

/news/politics/peril-in-a-banking-royal-commission-framed-in-political-desperation-20171130-gzw3uq


(PBX)

Fucking Libs are targeting industry funds because they are run by unions and I think they want the banks to have a slice of it.
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Re: Bank Royal Commission

Postby johnsmith » 05 Aug 2018, 08:50

Banking royal commission: It could get a lot worse for the banks as the focus turns to superannuation

If rounds one to four of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry were brutal for the banks, there are plenty of reasons to think round five, which starts on Monday, will be even worse.

The reason? The commission will be examining superannuation.

"We estimate that the excess fees and charges and underperformance in super is about $12 billion a year," RMIT University Associate Professor Michael Rafferty told the ABC.

"In other words, the rip-off in wealth management is about three to four times the rip-off in banking."

That's $12 billion a year being ripped out of people's retirement savings.

Australia's biggest superannuation provider, AMP, has already been hammered by the royal commission.

Its chairman, chief executive, three other directors, and its top lawyer are all gone.

Billions of dollars wiped off the value of the company, half a billion in costs stemming from the commission, a recommendation for criminal charges, and that's before the commission's even looked at superannuation.

"I think the AMP model has been exposed for what it was in that it was egregious in the way it was treating customers," Professor Rafferty said.

$30 billion in fees

A Productivity Commission report in May described a superannuation industry where providers cream off $30 billion a year in fees and preside over a sector riddled with rorts, high costs, low returns, inefficiencies and conflicts of interest.

To maximise their own profits, the banks, AMP and others use their own in-house services, rather than shop around.

Their superannuation customers are likely to suffer as a consequence.



http://www.abc.net.au/news/2018-08-05/royal-commission-could-get-worse-for-banks-as-its-looks-at-super/10069820

put your money under your mattress
FD.
I hope that bitch who was running their brothels for them gets raped with a cactus.
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Re: Bank Royal Commission

Postby HBS Guy » 11 Oct 2018, 09:45

A few snippets of news about the RC into banks:


Oh Dear! Commonwealth Bank has completed only one of 153 tasks it needs to satisfy in order to meet recommendations that flowed from APRA’s special inquiry into its governance, culture and accountability.

https://www.outline.com/FdVMkU


And to make natters worse for them law firm Slater and Gordon has filed the first of its superannuation class action proceedings against the Commonwealth Bank.

[url]https://thenewdaily.com.au/money/finance-news/2018/10/10/slater-gordon-files-super-class-action-cba/
[/url]

After years of fighting back, the big banks have been forced by the public “shaming” of the royal commission to concede that charging commissions in financial advice must finally be abolished.

https://thenewdaily.com.au/money/finance-news/2018/10/10/banks-commissions/
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Re: Bank Royal Commission

Postby HBS Guy » 11 Oct 2018, 09:46

Gareth Hutchens writes that retail superannuation funds are facing their day of reckoning.

https://www.theguardian.com/australia-news/2018/oct/11/follow-the-money-retail-superannuation-funds-face-day-of-reckoning
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