BANKERS AT WAR WITH CONSUMERS. Banks are in fact outnumbered and answer is NO BAIL OUT!!! Entsch and
Whacka have lost the plot. Minister O'Dwyer cowering in a corner, agrees with the PM. Christiansen poncing around
with hollow words and Ramsay trying to make banks happy by keeping the FOS system of complaint handling.
LABOR is on the right track with an RC. The rest of the political soup mix are on a mission of political
suicide and death by two million CUTS from aggrieved MORTGAGE VICTIMS.
Yes folks the NEW YEAR of Bank Mayhem 2017 has just got started and the fireworks will be on full explosion until the
next election....BRING IT ON and:
Consumers wish an unhappy year 2017 to all Banker Wankers across the GLOBE!
- COMPO BAR RAISED TO $500k.
- no use of "bank specialists briefed by GADENS,"
- If loan was unaffordable then full extinguishment of mortgage - as a guide and
- All INTEREST ONLY LOANS to be converted to NON RECOURSE AND YES IAN RESTROSPECTIVELY!!!!!
- Therefore, all debt to be extinguished.....................
Push for banks to pay higher penalties
Australian Financial Review Jan 4 2017
Primrose Riordan
Liberal MP Warren
Entsch will push the government to form a full-blown banking tribunal and make banks pay three times the cost of any damages to fund it.
The move comes despite indications from the government it would not go ahead with a banking tribunal and would instead look at changes to financial ombudsmen.
Backbenchers such as Mr Entsch and Nationals senator John "Wacka" Williams' concerns over banks had been allayed after Prime Minister Malcolm Turnbull said the government was working towards a low-cost tribunal for victims of misbehaviour by the big banks as recommended by the government-dominated parliamentary.
Under pressure from popular calls for a royal commission into the banks from Labor, the Coalition-dominated House of Representatives Standing Committee on Economics last month recommended the establishment of a "banking and financial sector tribunal" by next July.
But an interim report by University of Melbourne professor Ian Ramsay recommended against a tribunal and instead said the Financial Ombudsman Service and Credit and Investments Ombudsman should be merged and given greater powers to award compensation.
Financial Services Minister Kelly O'Dwyer then said the government meant a "small 't' tribunal" and suggested the government would instead follow the recommendations.
"When the Prime Minister was talking about a tribunal he was talking about a small 't' tribunal, which was a catchall for having a one-stop consumer complaints stop," she said.
She said a proper tribunal would be too legalistic and less consumer friendly.
Mr Entsch said he would be pressing the leadership not to pursue this route and instead set up a tribunal.
"If they are ineffective let’s make the bloody thing effective. The banks have dragged things on for years and time has been on their side," he said..
"To make an effective tribunal we need to look at something different that has teeth that I can make enforceable outcome determinations, that can also have penalties."
He also said as a way to fund the tribunal, banks could pay out three times the cost of their violations.
"I'm a fan of what they do in the United States; three times the value of the damages. Some of that can go as compensation for the victims the bulk I suspect can go to fund the tribunal," he said.
The issue in a thorn in the side of the government every time the banks increase interest rates for mortgage owners or do not pass on the full rate cut.
In late November, Liberal National MP George Christensen - who holds a crucial vote for the government in the House of Representatives - came out in support of a royal commission into banks after Westpac, National Australia Bank said they would raise fixed and variable home loan rates.
"My opinion just changed again. We need a banking royal commission," the Nationals MP posted to his Facebook page.
Mr Christensen has threatened to cross the floor over the matter - but has yet to do so despite an opportunity to defy the government over the matter.
Professor Ramsay's final report is due by the end of March 2017.