Who will watch the watchdog?
BANKING ROYAL COMMISSION
HAVE I got this right? ASIC and the ACCC are meant to keep the banks in line but they didn’t do a very good job. As a result they have been asked to do some more investigation into the sins they previously ignored. Because of their poor record a commission will be created to check up on them. What I want to know is who will be appointed to check up on the new watchdog and who will be appointed to check on that and who will check on that one and who will check … Jim Heys South nipaluna/Hobart
It’s in the post
THE Banking Royal Commission report was described by an ABC finance commentator as having all the impact of being struck by a wet lettuce. Scott Pape pointed out it had all been said before, nothing would change, greed would triumph yet again ( Mercury, February 5). If that be the case then it is time the Government gave a full banking licence to Australia Post, which being a statutory authority with an existing nationwide banking infrastructure in place is compelled by law to be a model citizen at all times. Consumers would then have a choice between ethical behaviour and behaviour that is motivated by other factors. must be breathing a sigh of relief and rubbing their hands together with glee. As stated by Alan Kohler this recommendation would result in the big four banks pocketing some $1.8 trillion over just five years. It would spell the demise of the mortgage broking sector, returning a lending monopoly to the big banks. The role of the broker is to get the best deal for you from competing lending institutions without you having to do the legwork. Considering banks are reducing their services and branches, good luck getting to see someone. There are 20,000 small business mortgage brokers hoping the Coalition rules out this recommendation and that Labor leaders Shorten and Bowen rethink their position. This recommendation would force us to the banks at the expense of decent ethical brokers.
Won’t go to jail
“JAIL on cards for bank breaches” ( Mercury, February 5). Not one executive from any bank will go to jail as a result of the Royal Commission into banking, guaranteed. Culpability is irrelevant, it’s all about the salary. had charges been increased but the excess increased 100 per cent with no prior notification. I was told the renewal form is the notification and that everybody’s excess had been increased. Not good enough. However we did get our premium reduced by a massive $30! We will be looking elsewhere for our home insurance coverage next year but will other companies be any better? Hopefully the millions of taxpayer funds spent on the Royal Commission will not be completely wasted.
Thankful
MANY thanks to Bill Shorten and his party for persisting to have a Royal Commission into the banking system. The government of today and just previous finally came to their senses after the heated response about the banking. Now a lot of Australians are thankful.
Toothless tigers
WITH the Royal Commission Report into Misconduct in the Banking, Superannuation and Financial Services Industry, it’s clear to see both APRA and ASIC have been asleep at the wheel as regulators. In other words, toothless tigers. It’s imperative these regulators are more proactive and are given the independent power to properly investigate, disclose and prosecute, where anomalies are found in the industry that affect the financial welfare of customers.
Cut off on drive
MY drive into the CBD from the Eastern Shore takes me under the Bridge of Remembrance. I can’t shake the unpleasant sensation that I am passing under a huge guillotine.
One but not the other
ISN’T it weird that in Australia, our flag and our culture offends so many people, but our benefits don’t?
Lesson in housing
I MUST say the ongoing provision, by UTAS, of student accommodation is a valid demonstration of one of education’s platforms — logic! After all, if you can’t keep ‘em living, you can’t collect their fees.
People before bush
HOW callous are the Greens screaming out for assistance to save the bush while people are being evacuated and their homes are burning or under threat. To those heartless green groups, I say stop your complaining, shut your mouths, roll up your sleeves and help a community in need.
Horse poised
QUICK! Shut the gate! The horse is about to bolt. How many unnatural disasters will it take for politicians to act on Climate Change?