Bank Royal Commission – don’t you just love a good quote….
The one thing that’s come out of the past 24 hrs since the BRC report are some great quotes. Hard to believe it’s the same report…….
Not to name names, but let’s put these quotes into context:
Mr and Mrs Public ‘quotes’
Capitalism is a great system, If you steal from a bank, you go to jail. If a bank steals from you a regulator writes a very strongly worded letter to the bank and you lose everything.
Banking is a disappointment. Here was a once in a lifetime change to totally reform banks but they have just been given a slapped wrist and an opportunity to pass all fines onto the customer. As usually, little guys will pay for sins of the mighty.
It was the hard work of journalists and the bravery of whistle-blowers that brought the unscrupulous behaviour of the banks to light and lead to the bank royal commission.
The Banking RC Report says senior executives bear primary responsibility for the poor conduct outlined in the report. Disappointing that fundamental change to executive pay/bonuses and board structures and membership wasn’t recommended.
My fear is that there may be a wide gap between the public face the banks seek to show and what they does in practice will remain.
Our banks have failed in many ways. Failed customers, failed to obey the law and failed to meet community standards.
It is clear the finance sector can't be trusted to self-regulate.
Mr and Mrs Financial Services ‘quotes’
Charging fees to customers without providing a service is not dishonest, just sloppy.
It's "not uncommon" for bank staff to falsely witness and fill out loan documents on behalf of clients, the commission heard…..
The bank got tellers to sell superannuation, despite knowing tellers weren't qualified to sell the product and would be breaking the law. The chief risk officer called it "extreme", but it garnered the bank an extra $3.6 billion in funds under management.
The bank continued to charge service advisory fees to customers they knew had died, including fees charged for more than a decade.
An internal report said letting customers know they were paying fees for no service could lead to calls for compensation. And, worse, informing punters "would be a very negative customer experience".
We will provide a comprehensive response in due course.
‘The report - I’ll review it over the weekend’ [hang on, its only Tuesday?????]
Where we have made mistakes or done the wrong thing, we will own them and fix them.
Our profits are already being hurt by the royal commission. We are spending hundreds of millions of dollars on lawyers and compensating customers.
It’s enough to make you cry for the banks to be honest. Loss of reputation, loss of profits, it’s so not fair.