Royal Commission into Misconduct in Banking, Superannuation and Financial Services Industry Report

mubd1234 on 05/02/2019 - 11:45
Last edited 05/02/2019 - 13:35 by 2 other users

Moved to Forum: Original Link

An enthralling 1000-page read! Perfect for those nights where you just can't get to sleep.

A maximum of 5 copies can be ordered per party.

Mod: As per description above, this was originally posted as a deal/joke post. Moved to forums so discussion on this subject can continue.

PDF Copy available via this link

Key Points

  • The final report recommends financial watchdogs consider criminal charges against unnamed organisations linked to the "fees for no service" scandal.

  • ASIC will become the primary conduct regulator overseeing superannuation.

  • The Government has now agreed to create a national farm-debt-mediation scheme that would assist borrowers to address financial difficulties that have caused loans to become distressed.

  • The Government will establish a so-called compensation scheme of last resort to allow consumers and small businesses, who have been failed by financial firms, to have their cases heard.

  • Some of the mortgage-broking industry's worst fears are contained in the final report, with the commission recommending the industry move from a commission-based to fee-based model.

  • Buying a Car: The final report recommends moving to a deferred sales model, meaning customers could think about whether they actually need the extra insurance.

See ABC article for more information

Financial

Related Stores

Royal Commissions, Australian Government
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Comments

  • Steptoe on 05/02/2019 - 11:47
    +21

    Now if only I could shake your hand 🤝

    • Scrooge McDuck on 05/02/2019 - 12:54
      +5

      Now if only I could have it signed by all the bank CEOs.

    • brian77 on 05/02/2019 - 17:18
      +1

      If only you could move the copies of the report towards me…

    • gavt on 07/02/2019 - 10:17
      +1

      The footage was so painful to watch…

  • zond on 05/02/2019 - 11:50
    -5

    Don't we need a royal commission on the royal commission? Specially after all the big noises, huffs and puffs, the crooks and the banks walks free without a spank?

    • singlemalt72 on 05/02/2019 - 11:55
      +27

      Royal Commissions have no prosecution power - they can only hand on information to the relevant authorities.

      • JohnHowardsEyebrows on 05/02/2019 - 12:44
        +1

        You've missed the point entirely. They're meant to hand down findings that lead to prosecutions in cases like this.

        • HighAndDry on 05/02/2019 - 12:53
          +5

          That's pre-empting the outcome of the result to say that they're meant to hand down findings that lead to prosecutions. If the results warrant prosecutions, sure. But that's what the RC is supposed to do - figure out if there was any such conduct.

          • JohnHowardsEyebrows on 05/02/2019 - 12:58
            +5

            @HighAndDry: Hard to imagine no laws were broken in the past decade…though the main criticism has to be not of the RC, but of the government, which framed it to be as gentle as possible (and it stilled humiliated the banks, so bad had they behaved).

            • HighAndDry on 05/02/2019 - 14:10

              @JohnHowardsEyebrows: There have been referrals for legal action (and I think including prosecutions). So we'll see how that pans out.

        • [Deactivated] on 05/02/2019 - 13:11
          +1

          Several of the major banks are facing criminal prosecution (according to this morning’s newspapers).

          • cameldownunder on 05/02/2019 - 15:00
            +15

            @[Deactivated]: Bank CEO to consultant: Is it illegal ?
            Consultant: Yes
            Bank CEO to consultant: Are we likely to be caught ?
            Consultant: Yes
            Bank CEO to consultant: Are we likely to be fined ?
            Consultant: Yes
            Bank CEO to consultant: is the fine likely to be high, compared to the loss of income if we do not do IT ?
            Consultant: No
            Bank CEO to consultant: Then let's do this

            • RecklessMonkeys on 06/02/2019 - 09:40
              +4

              @cameldownunder: Yep. We need to stop talking about "the banks" and focus on the CEOs who oversaw all this.
              Not just the current ones, but their predecessors. They walked away with ~$20 million a year.

              • Bargain80 on 06/02/2019 - 10:11
                +1

                @RecklessMonkeys:

                RecklessMonkeys 19 min ago new
                @cameldownunder: Yep. We need to stop talking about "the banks" and focus on the CEOs who oversaw all this.
                Not just the current ones, but their predecessors. They walked away with ~$20 million a year.

                Yes. we need to name and shame them. Including their families who have been enjoying the dirty money.
                Jail time is not enough. But shame probably will enough as a deterrent.

            • sagrules on 07/02/2019 - 12:44

              @cameldownunder: I had this same thought…. FML

        • singlemalt72 on 05/02/2019 - 13:22
          +3

          You are the one who missed the point mate….

          Among the recommendations from the Commission;
          -Justice Hayne has referred to regulators a long list of companies for possible criminal or civil action. The 24 companies include Suncorp, ANZ, NAB, CommInsure, Allianz, AMP and ClearView.

          Source - SMH

          • JohnHowardsEyebrows on 05/02/2019 - 13:28
            +1

            @singlemalt72: My bad, haven't had time to read the report yet…only got the headlines, which said little about criminal referrals.

          • dazzledayz on 06/02/2019 - 10:25
            +1

            @singlemalt72: The only problem there is that ASIC will be responsible for launching those prosecutions.
            They've not had a stellar track record in that dept as observed by Hayne.

    • AussieDaddy on 05/02/2019 - 11:55
      +8

      So did the superannuation funds. I wanted those blood sucking bastards to be asked tough questions and held responsible for a lot things, but it seems nothing is gonna change and they'll keep getting richer and richer.

      • diddy50 on 05/02/2019 - 12:22
        +1

        You gotta ask the question.
        Who runs the industry super funds?

        Unions

        Hmmmm

        • AussieDaddy on 05/02/2019 - 12:30
          +1

          An excellent point. I know some people like to make fun of those who believe that Super is a scam (I would say dodgy), but seeing how they abuse the system in order to line their pockets no wonder a lot of people, particularly the struggling working class, have no faith in it.

          • poboy on 05/02/2019 - 12:36
            +3

            @AussieDaddy: I wouldn't say it's a scam. It's a good idea. It's just that everyone is dirty on paying fees when there's no advice provided. If the superfunds instead referred to the fees as a 'membership', then it would be more palatable.

            • AussieDaddy on 05/02/2019 - 12:41

              @poboy: I agree. And by the way, I am not saying it's a scam (I've clarified my stance above), but there is a lot of unethical shite that takes place in super and it's set up in a way that enriches the wealthy even more (the ones who need it the least).

        • justtoreply on 05/02/2019 - 12:49
          +7

          Just FYI, industry funds are literally (almost) the only ones that rank well. You're also free to do self managed super.

          Personally I have no time for self managed super. Is that good or bad in the long run? No idea. But the difference (fees and return) of a great fund (or should I say lucky fund?) versus an average one probably equal a years work, with the rest of the super growth just being a reflection of the market. So I choose not to give too much of a stiff about it.

        • zzymurgy on 05/02/2019 - 12:53
          +3

          That's not really fair. The RC didn't find any wrongdoing by the industry super funds.

        • odysseus on 05/02/2019 - 13:17
          +1

          And what about the non-industry super funds?

          Hmmmm

        • Ghost47 on 05/02/2019 - 18:31
          +1

          Industry funds tend to perform pretty well from what I've seen.

          And anyway, people should not rely solely on their super fund. They should also save and invest themselves through their entire working life.

    • pifts on 05/02/2019 - 12:00

      Why stop there, any commission on a commission needs a commission

      • Da dpG on 05/02/2019 - 12:12
        +3

        It's time like this we need Commissioner Gordon

        • heal on 05/02/2019 - 12:36

          And Batman

      • HighAndDry on 05/02/2019 - 14:27
        -1

        You're not even joking. One of the recommendations in the Report is that an independent supervisory body be set up to supervise ASIC and APRA….. who are supposed to be supervising the banks.

    • Typical16-bitEnjoyer on 05/02/2019 - 12:04

      But who's going to royal commission the royal commission that's royal commissioning the royal commission?

      • chartparker on 05/02/2019 - 12:23
        +5

        coast guard?

      • Bargain80 on 06/02/2019 - 10:22

        it has to be the Royal

    • MrTweek on 05/02/2019 - 13:26

      Because the commission can't prosecute people, that's the job of the legal system.

      The final report recommends financial watchdogs consider criminal charges against unnamed organisations linked to the "fees for no service" scandal.

      I'm pretty sure that means they recommend watchdogs should try and get some of those people into jail

  • jimbobaus on 05/02/2019 - 11:50
    +12

    Order 346536 successfully submitted

    Quite a lot of interested parties ordered this fine fiction book

    • AussieDaddy on 05/02/2019 - 11:51

      Order 346519 successfully submitted. :D

      • cheaponos on 05/02/2019 - 11:56
        -1

        Order 346703 successfully submitted :D:D

        • discobean on 05/02/2019 - 12:17
          -1

          Order 348017 successfully submitted :)

          • Akya on 05/02/2019 - 12:22

            @discobean: Order 348213 - wow that increased quickly

            • [Deactivated] on 05/02/2019 - 12:28
              +2

              @Akya: OzBargained

        • bienvenu on 05/02/2019 - 12:28

          Order 348442 successfully submitted :-)

        • crazyj on 05/02/2019 - 13:07

          order 350203 :)

        • hoey888 on 05/02/2019 - 13:14

          Order 350383 successfully submitted

        • Swirlboy on 05/02/2019 - 13:22

          Order 350778 submitted

      • dazzledayz on 06/02/2019 - 10:32

        Order 353369 successfully submitted - this is flying off the shelves lol

  • kzl on 05/02/2019 - 11:51
    +14

    Link to soft copy:

    https://financialservices.royalcommission.gov.au/Pages/repor…

    • MattyD on 05/02/2019 - 12:10
      +6

      Trying to use that PDF "print to toilet paper" setting tho…

  • dealman on 05/02/2019 - 11:51
    +2

    Where is the pdf?
    Anyone with a direct link / summary?

  • er1992 on 05/02/2019 - 11:55
    +2

    Hard Copy of the PDF so you can keep getting disappointed every time you look at it

  • tsunamisurfer on 05/02/2019 - 11:57
    +14

    All shares in Banks shot up.

    This tells you that the market just laughed at the outcome of the RC.

    As a bank shareholder, my primary concern is the banks continue to make money and pay dividends.

    • HighAndDry on 05/02/2019 - 12:32
      +4

      Not really - their shares had already fallen in the lead-up to the report being released. All this means is that the report wasn't as bad as expected, and that they were expecting worse.

      Not directly at you personally, or even solely at you, but this is why the public shouldn't really be involved in the intricacies of running an economy, because people don't actually have a clue.

      • justtoreply on 05/02/2019 - 12:52
        +2

        You're both right. He/she said the same thing as you, just less eloquently

        • HighAndDry on 05/02/2019 - 12:55
          -1

          This tells you that the market just laughed at the outcome of the RC.

          My view is that it's more a sigh of relief than laughter. Laughing would be the bank's shares rising in value over and above what they would've been. This is them partly recovering earlier falls.

          • justtoreply on 05/02/2019 - 18:07

            @HighAndDry: Ok, you're technically correct, I think you're reading too much into the word "laugh" tho.

            PS: the neg isn't mine.

    • gromit on 05/02/2019 - 20:40

      nope, shares recovered a little. They are still significantly down. Basically the report wasn't banking industries worst fears, but it was still quite nasty for them and still some pain to come from potential prosecutions and fines.

    • dazzledayz on 06/02/2019 - 10:44

      Those shares went up at 11.00am on Monday (the Banks) and 3.00pm Monday (AMP).

      How did that happen when the report was embargoed until 4.00pm?

      Frydenberg had it in his hot sweaty hands on Friday.

      Some "astute" investors made a quick $22 million.

      Move along, nothing to see here folks.

    • Roman Sandstorm on 07/02/2019 - 15:31

      @ tsunamisurfer

      As a bank shareholder, my primary concern is the banks continue to make money and pay dividends.

      So at what point does immoral or illegal conduct constrain your greed? I mean this seriously.

      Your comment implies that you are OK with bank behaviour thus far; after all, you are still making money and getting dividends.

      But when does your profit/morality tipping point kick in?

      Or, do you feel that it's just 'a few bad eggs' (er, in nearly every financial institution examined by the Royal Commission)? And as such it's easy to close one's eyes to the appalling practices, and pretend it's not the institution/system as a whole.

      Would a systematic banking industry policy of beating puppies with baseball bats be acceptable as long as your share price increased and dividends kept getting paid? Yes, absurd, but where is the line?

      • tsunamisurfer on 07/02/2019 - 16:40

        In business I would prefer to set morality aside.

        But when does your profit/morality tipping point kick in?

        It's hard to articulate, but if the Banks does something that will end up in large fines and reputational harm, that is a concern as it will hit the bottom line.

        All this noise about irresponsible lending, one must consider that there are two parties, the borrowers should shoulder the responsibility of determining if they are able to service those loans / credit cards. Banks should also make that determination but in so far as not to lose money.

  • petry on 05/02/2019 - 11:57
    +5

    a fine piece of interpretative journalism that we paid millions for …and has produced nothing.

    the liberals and oz pollies at their finest.

  • nfr on 05/02/2019 - 11:57
    +1

    Order 346736, I'm sure this will happen again, this will serve as a good reminder (and door stopper).

  • Whatisthatvelvet on 05/02/2019 - 11:58
    +12

    A good book for the kids bedtime

    • cheaponos on 05/02/2019 - 12:32
      +1

      Might give them nightmares.

      • Whatisthatvelvet on 05/02/2019 - 13:09
        +3

        They would just ask me where all the pictures are so I have to show them photos of bank CEOs and pollies. That would definitely give them nightmares

  • 11112007 on 05/02/2019 - 11:59

    I was going to send a copy to everyone on my street but noticed in the confirmation email it actually goes to a human for validation…..

    • 1994tvmoviez on 05/02/2019 - 12:13
      +21

      Please don’t be wasteful and only order this if you actually require a hard copy.

      • justtoreply on 05/02/2019 - 12:55

        What if I require toilet paper?
        Or paper for the kids to scribble on? If anyone could tell me if it's double-sided printing that'd help.

        PS: Rhetorical. I agree with you.

        • [Deactivated] on 05/02/2019 - 14:46
          +1

          the zealots get a bit too serious to see the joke sometimes.

          • justtoreply on 05/02/2019 - 18:09

            @[Deactivated]: I know, lol. Even when you pander to them enough to write "PS I agree" you still get negs!

            Unless perhaps that's ozb saying "screw that, let's all order a copy" :p

  • Pandabargain on 05/02/2019 - 12:06
    +44

    Let's be sensible… And not add $$$ to the already mounting costs to run a royal commission. Just because it's free, doesn't mean you need it…

    • mlburnian on 05/02/2019 - 12:09
      +10

      Yes it's ur tax money going to waste

      • bargainhunter on 05/02/2019 - 12:22
        +6

        You pay tax? Consult chapter eleven of your soft copy.

      • Ghost47 on 05/02/2019 - 18:44

        I'd like to think that my tax money hasn't been wasted before, but sadly that's not the truth. Governments can do much, much more worse than this.

        • mlburnian on 05/02/2019 - 22:00

          I meant printing costs, when most can access it easier online

          • Ghost47 on 05/02/2019 - 22:21

            @mlburnian: Yes I know, that's why I said that governments can do much worse. If people are spending money to buy the report to enlighten themselves about how corrupt some corporate (profanity) are, then I'm happy it's being used for such a thing.

  • ireadtermsofuse on 05/02/2019 - 12:09
    -1

    I wonder what Cashies is offering for this?

  • FullM3tal on 05/02/2019 - 12:09

    This is a bargain! How much was the original price? hehehe

  • dlovep on 05/02/2019 - 12:10
    +35

    Let's stop killing the trees…..

    • Montyjpm on 05/02/2019 - 14:00

      Let's hug the trees!

    • pformag on 05/02/2019 - 14:43

      Most mills plant their own trees.

      • [Deactivated] on 05/02/2019 - 14:48

        and new trees they plant to replace the ones they chop down consume much more carbon then the old trees they chop down.

  • 1994tvmoviez on 05/02/2019 - 12:10
    +55

    Please only order this if you actually require a hard copy and the PDF won’t suffice. It’s a waste of resources and money otherwise.

      • 1994tvmoviez on 05/02/2019 - 12:16
        +8

        Name a few that would legitimately be a good use of 1000 pages and all the associated preparation and shipping costs and all the externalities that go with that.

        And please, no tripe suggestions like a door stop of paperweight. They’re not clever.

        • [Deactivated] on 05/02/2019 - 12:25
          -3

          Monitor stand
          Toilet paper
          A footstool
          A stool which you can take to the bookshop and stand on to get something better
          Valentines Day gift
          Mother's Day / Father's Day gift
          Kris Kringle
          Fire fuel on a cold winter's night
          Wheel chocks

          Hope this helps

          • 1994tvmoviez on 05/02/2019 - 12:28
            +4

            @[Deactivated]: This is about how good I expected alternative uses to be (i.e not very good at all).

            Happy to stand by my original point. Enjoy (totally not) using this as toilet paper though!

          • [Deactivated] on 05/02/2019 - 14:53
            +2

            @[Deactivated]: interiagtion tool,
            cockie swatter
            charcoal starter
            insulation
            bin liner
            garden bed liner
            rabbit cage liner
            guinea pig cage liner
            bird cage liner
            paper towel
            paper mache
            posture correction tool
            paper weight
            find-a-word puzzle (e.g. find words like Excellent, Honest, hard-working, trueful, decent, community-minded, etc)

          • Lastchancetosee on 06/02/2019 - 08:51

            @[Deactivated]: Kris kringle +10 upvotes

    • [Deactivated] on 05/02/2019 - 12:48
      +2

      All good things come to an end if abused.

      If this gets ozbargained upfront fees will be applied in the future.

      • D3m3ntia on 05/02/2019 - 13:04
        +1

        Well, technically the fees are recovered 1st July so no upfront fees required.

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