The Royal Commission has released their report into the misconduct in the Australian Banking and Super Annuation sectors and their findings are nothing short of an absolute disgrace to the financial treatment of Australians.
Commissioner Kenneth Hayne yesterday finally delivered his findings to the public after an extensive investigation, which was originally opposed and put off by the Australian Government for the last 16 months.
So, what did Hayne expose?
Evidence of 100s of millions of dollars being taken from Australians through the charging of fees but offering no service, misleading customers and charging dead people, just as a few small examples. This distorted and deceptive conduct has broken businesses and ruined the personal lives of many innocent citizens.
76 recommendations in total were made by the Commissioner requesting changes that needed to be made and lawfully abided by to see improvements across the board, ensuring that all customers are treated fairly and honestly.
Some of these requested changes include:
- Axing of fees for no service
- The Australian Securities and investment commission (ASIC) is to become the primary overseer and regulator of superannuation
- Request ASIC to launch legal action with large corporations where needed rather than just issuing infringement notices.
- Greater oversight of the Australian Prudential Regulation Authority (APRA) and ASIC
- Mortgage brokers to move from commission based to a fee based model.
Community trust and respect in financial institutions has vanished and the Royal Commission is requesting the government do all they can to develop a cultural change within the sector, however, has the damage already been done?
These changes that have been requested are not due to be implemented until 2020 at the very earliest, with the majority much further down in the pipeline, if they are implemented and abided by at all.
This just puts into stone that the use of crypto currency and mining crypto currency is a much safer option than relying on and trusting the banking sectors, who have already pulled the wool over everyone’s eyes. A positive for all as it is projected that Australia is set to become the world’s next crypto currency hub.