Millions of Australians will soon have to make the choice between a robot or a human to help guide them through retirement.
Six years after the royal commission,there are signs of a re-emergence of poor behaviour. At the very least this looks like conduct slippage.
The man whose actions led to the banking royal commission has backed an inquiry’s call for whistleblowers to be paid,saying it will encourage more to come forward.
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.