The Royal Commission at the beginning of 2019 released their report into the misconduct in the Australian Banking and Superannuation sectors and their findings are nothing short of an absolute disgrace to the financial treatment of Australians.
Original findings, which were conducted by Commissioner Kenneth Hayne, found that though extensive evidence found that Banks operating through Australia were charging of fees but offering no service, misleading customers and charging dead people, just as a few small examples.
The Commissioner requested 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, 76 recommendations in total were made.
A watchdog has recently blown the whistle yet again following the six months following the industries adoption of the revised code put forward by the Royal Commission on July 1st 2019, and has found that the banks are still operating under poor efforts and misconduct.
The report put forward has found that,
- 20,863 breaches have been made
- A financial impact across the board of over $100 million
- Two major banks are accountable for 72 per cent of breaches made
- Banks are still charging customers who they know have died
In total, more than 4.4 million bank customers have been affected by poor ethical behaviour in the six-month period following the report issued by the Royal Commission.
Banks are required to “treat the deceased persons representative with respect and compassion and provide clear and concise information”, it has been reported that 219 breaches of this particular obligation alone have been made.
Ian Govey, Chairman of the Banking Code Compliance Committee has continuously requested that banks take reporting and the treatment of their clients extremely seriously, commenting there is “substantial room for improvement”.
“Some banks appear to be copying data directly from internal systems without proper curation or regards for reporting requirements. We recognise the BCCC’s reporting requirements are extensive, but the data provided must sufficiently explain what has occurred, and the steps taken to remediate customers and prevent recurrence.”
For most of us traditional banks and the banking system is where we put 100 percent of our trust when it comes to our hard earned money, however, over the years and very recently they continue to prove to us that they cannot be trusted, and we must seek alternative options to safeguard our finances.
People turn to Bitcoin
It is a no brainer that more and more global citizens are turning to Bitcoin as a safer and more stable option for their choice of currency. With no interference from governments, they do not have the stress that many other people in today’s society are faced with.
People are moving with the times and can no longer trust or rely on the traditional banking system, and we do not blame them with all that has happened and still continues to happen.
Bitcoin is not a get rich quick scheme; it is a get free quick scheme.