A compensation scheme offering up to $150,000 to consumers who have experienced misconduct is now operating.
Australian Financial Complaints Authority chief ombudsman David Locke says financial firms could do better at handling complaints to ease pressure on the financial dispute resolution scheme.
The cost of living is a defining issue for most Australians,and while interest rates drive much of their fear,the major banks’ feckless persistence in dubious practices means they are milking customers.
Six banks,including the big four,have been continuing to charge customers’ accounts after being notified of their deaths,according to the Banking Code Compliance Committee.
The banks paid or offered $4.7 billion in compensation after a royal commission and ASIC found misconduct around financial advice.
Laws introducing fines for dodgy finance executives have been shelved after several bank bosses expressed their surprise and disappointment.
Banks have now refunded billions of dollars as a result of the dodgy practices revealed by the Banking Royal Commission. But there’s more to be returned.
Insurance company Select AFSL could face a fine after a court found it used pressure tactics to sell insurance policies while rewarding staff with a cruise to the Gold Coast,trips to Las Vegas and Hawaii,and a Vespa scooter.
Ken Henry has revealed a litany of failures at the bank while delivering a scathing assessment of Australia’s stakeholder capitalism.
Despite heroic pre-election promises in 2019 following the Hayne royal commission into the banking sector,the Morrison government soon lost its zeal.
The banking royal commission showed the danger of linking sales targets to staff remuneration. Now,these targets are slowly creeping back.