Consumers at the mercy of banks

In John Durie’s interview of ASIC chairman Joe Longo (“Running ASIC”, October 9-15), Longo claims: “As a generalisation, [banks] want to do the right thing. A lot of the time when things go wrong I personally don’t think it’s because of intentional dishonesty or corruption”. Following 20 years of assisting bank victims I can attest that this claim is erroneous. The banking sector became addicted to corrupt practices following comprehensive financial deregulation. ASIC has demonstrated consistent complicity with bank malpractice since it was created in 1998 to incorporate consumer and (later) small business protection. Aggrieved bank borrowers face a partisan judiciary, a hostile ASIC, a partisan financial ombudsman and thus bank impunity. The Hayne banking royal commission deflected from the core failures associated with a structurally unequal credit relationship.

– Evan Jones, Glebe, NSW