Firm­ing up against the banks

Fi­nan­cial in­dus­try un­der the mi­cro­scope

Tweed Daily News - - NEWS - — Attwood Mar­shall Lawyers Prin­ci­pal Jeff Gar­rett JUS­TICE PRE­VAILS

A PA­RADE of pa­thet­i­cally apolo­getic ex­ec­u­tives has re­sumed as the Royal Com­mis­sion into Mis­con­duct in the Banking, Su­per­an­nu­a­tion and Fi­nan­cial Ser­vices In­dus­try sits for a fresh round of hear­ings in Mel­bourne this week.

Round seven of the Royal Com­mis­sion is ded­i­cated to pol­icy ques­tions aris­ing from the first six rounds, giv­ing ex­ec­u­tives the last op­por­tu­nity to ex­plain how they will fix mis­con­duct en­demic to Aus­tralia’s fi­nan­cial ser­vices sec­tor.

From bribery, forgery and ‘liar loan­ing’, to the ex­ploita­tion of the dis­abled and the dead, count­less ab­hor­rent prac­tices of fi­nan­cial in­sti­tu­tions have been un­earthed since the Royal Com­mis­sion be­gan in De­cem­ber 2017.

How have the banks re­sponded?

On Wed­nes­day, sub­mis­sions re­vealed for­mer CBA chief Ian Narev re­ceived a per­for­mance bonus of 108 per cent ($2.86 mil­lion) while a cri­sis un­folded over the bank’s botched life in­sur­ance poli­cies, al­leged money laun­der­ing, and claims its credit in­sur­ance was miss-sold.

Of course, the scan­dals of the banking, su­per­an­nu­a­tion, in­sur­ance and fi­nan­cial ad­vi­sors, come as lit­tle sur­prise to lawyers.

In our per­sonal in­juries depart­ment, we wit­ness daily the trauma caused by un­fair de­ci­sions made by in­sur­ers which cost our clients any chance of re­ha­bil­i­ta­tion or qual­ity of life.

Our com­mer­cial lit­i­ga­tion team also sees daily the im­pact of fi­nan­cial ad­vi­sors who, with their pur­suit of per­sonal com­mis­sions, have given in­cor­rect ad­vice.

I am cyn­i­cal about the gov­ern­ment’s abil­ity to im­ple­ment sig­nif­i­cant re­form to pol­icy and laws af­ter hear­ings to bring about gen­uine change in the fi­nan­cial sec­tor.

It is un­likely crim­i­nal sanc­tions will flow from find­ings of the Royal Com­mis­sion and it re­mains to be seen whether Com­mis­sioner Haynes refers spe­cific cases of mis­con­duct to the Di­rec­tor of Pub­lic Pros­e­cu­tions.

Even Aus­tralian Se­cu­ri­ties and In­vest­ments Com­mis­sion ex­pressed in its sub­mis­sions work had to be done to stop mis­con­duct, but there was not enough ev­i­dence to in­struct as to how.

So, there is only one way to teach the banks a les­son.

And that is to sue them, and hit them where it hurts.

The most com­mon en­quiry we are re­ceiv­ing at Attwood Mar­shall Lawyers is for grossly neg­li­gent or fraud­u­lent fi­nan­cial ad­vice.

Of­ten, this ad­vice is pro­vided to el­derly cus­tomers, who are en­cour­aged to bor­row funds on the se­cu­rity of their fam­ily home, and in­vest this money into a re­lated fi­nan­cial in­sti­tu­tion owned by the bank.

Con­sumers should be treated fairly by fi­nan­cial in­sti­tu­tions and help is avail­able with your con­cerns re­gard­ing the Royal Com­mis­sion.

Attwood Mar­shall Lawyers is ready to ad­vo­cate for in­di­vid­u­als who have been vic­tims of mis­con­duct within the banking in­dus­try.

Con­tact us to­day if you need a lawyer for the Banking Royal Com­mis­sion.

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