The Saturday Paper

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

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