WHY ROYAL COMMISSION INTO BANKS AND FINANCIAL ADVICE IS ESSENTIAL for the future of consumer protection.
Sadly, some people are still under-informed and suggesting they do not understand the POWERS of a Royal Commission and its Officers. BFCSA aims to keep our consumer members fully and properly informed. See RC into FBs 2001, leading to 36 people jailed including other states, $300 million compo in 3 states. Laws changed Fed and State. RC's if conducted properly and not poor man versions, do advise the entire population on the ramifications for the Nation. Less than 20% deny there is a need for an RC into banking, including Mad Malcolm, PM extraordinaire.
WITNESSES ARE X EXAMINED BY HIGHLY EXPERIENCED QC's. Judges are usually of a higher level of learning regarding our laws eg: former High Court Judges.
The documentary evidence amassed and hidden, currently collecting dust on regulatory shelves, would only see the light of day because of the Royal Commissioners. Key Reg Chiefs and CEO's are commanded to appear and subjected to proper cross examinations of evidence by QC's. Refusal means contempt of those powers and has at times meant jail-time. Evidence from APRA, ASIC, RBA and Treasury Officials can all be examined. The RC LEADS us all to other spin-off actions. Lawyer observers and litigation funders look for ways to run class actions etc due to the exposure of newly discovered documentary evidence. Legislators are publicly pressured into changing laws for future consumer protections and the Commissioners if they see fit, seek to recommend criminal action be taken by the DPP or CDPP. Public Pressure will ensure those recommendations are implemented.
PROCEEDINGS ARE TELEVISED DAILY. People see for themselves how our justice system can play a part in changing corporate behaviors and learn a new understanding of what is at stake. Even economists explaining the potential of damage to the economy - producing STATS and DATA of importance to every citizen - can impact on base reactions. The seriousness of the situation cannot be under-played. No-one is immune from scrutiny nor the power of this important tool in our society.
We have the second highest debt levels in the world and homelessness on the rise as decent homeowners are robbed of their homes and stripped of remaining assets. Employment has dropped to "half jobs." Our country is not the Australia our troops fought for whilst Bankers stayed home and created obscene personal asset portfolio's.
NO WONDER TURNBULL AND MATES FEAR AN RC.
The publicity generates further political response and most importantly of all reports to the public of just what has been going on!! And, Consumer Protection issues are front and center on the tables for a change. The suggestions that the POWER of the RC is limited, are indeed belated by those UNDER INFORMED or those like Malcolm and the Banks who are anti consumer protection and fear the power of a ROYAL COMMISSION.
The Banking Scandals amount to more than $800 billion theft of assets by Banks, therefore $160m is a small (petty cash) price to pay for JUSTICE and for the public to hear the truth of prevalent criminal activity by Major Australian Banks - rife in sub prime mortgage lending. Yes we all need to be FULLY INFORMED for the sake of the next generation. RC;s can at times be seen as having less of an impact if the public have little interest. However, since bad banking systemic issues affects every citizen, a Royal Commission into Banks and Financial Advice and Products would attract more public interest than any sporting event. Bank on that one.
No wonder the LNP are collectively saying NO and attempting to demonise the practicalities of holding a proper RC, along with attempting to diminish the seriousness of these wide spread FRAUDS.
As a nation, we cannot move forward with trust and confidence in the banking sector due to the fact the banks trashed their own reputation by putting greed first and failure to make consumer protection issues number one on their own criminally motivated agenda's.
If you are in the 20% minority, please fell free to "have a go," and explain why you are so under-informed or corrupt.
Denise Brailey #bankRC