All of the horrors pale in comparison to the AMP charging customers fees for services that were never rendered. This is just plain rotten.
Anyone following the revelations of the banking royal commission will have had their suspicions confirmed as day after day we are confronted by the greed of these massive financial institutions.
This sorry saga once again demonstrates why the banks are so unpopular. Nobody wants to deal with them, which is the reason more than half of the home mortgages in our country are handled by brokers. The mob worked the banks out years ago and they will now go to great lengths to minimise the dealings they have with them.
Consequently, ordinary punters let the brokers shop around the banks and come up with the result.
Australians would have been entitled to believe that when the government moved to prevent the big banks and the likes of AMP from owning financial planners, some of the rorts would stop.
The conflict of interest in a planner recommending the products of the company that owns his or her business was too obvious to be allowed to carry on forever — or so we thought.
AMP has admitted to the royal commission that it chose to mislead the Australian Securities and Investments Commission on a regular basis.
This is a truly staggering admission. The average punter has always suspected that there was one law for the rich and powerful and one for the rest of us. If any ordinary citizen intentionally and deliberately misleads ASIC, you know a crime has been committed and that perjury charges are coming.
As a senior AMP officer calmly explains to the commission the litany of lies presented by the company to ASIC, there was a ring of truth to the theory that the law applies differently to individuals depending on where they stand on the social scale.
We have been promised by the counsel assisting the commission, Rowena Orr QC, that there will be more investigation of Storm Financial and this will be about time.
Those behind the glorified Ponzi scheme that Storm Financial most certainly was encouraged people without great resources to take out second mortgages and empty their superannuation funds chasing interest returns that could never have been met.
No one has spent one hour in prison as a result of a disgraceful rort that sent thousands of people, often elderly with no hope of starting again, broke and penniless.
Someone must pay for this, particularly given the role of several banks in this scandal.
Already we have heard how
AMP seems to be modestly embarrassed, and that embarrassment is more about being caught
money can change hands and loans are advanced on the basis of inflated valuations.
All of the horrors so far though pale in comparison to the AMP charging customers fees for services that were never rendered.
It is tantamount to Dick Turpin holding up a stagecoach. This is just plain rotten and yet AMP seems only to be modestly embarrassed, and that embarrassment is more about being caught rather than committing the act itself. Eighteen times AMP misled ASIC and if that doesn’t result in serious charges being laid against individuals and not merely fines, then that will be another scandal to add to those revealed so far.
The whole country is watching this and for once we have all dared to hope that real action might be taken. If you fine one of the banks or AMP $1 million, it will not matter a damn.
The only way is to see the individuals, be they in AMP or Storm Financial, who oversaw the swindling of thousands of ordinary Australians, being hit with serious criminal charges.
The mob is right. There should be one law for all.