MEDIA RELEASE!!! BANK CUSTOMERS DEMAND ANSWERS AFTER BEING MISLED BY THE MAJOR BANKS FOR OVER 10 YEARS
BANK CUSTOMERS DEMAND ANSWERS AFTER BEING MISLED BY THE MAJOR BANKS FOR OVER 10 YEARS
9th June 2017
Banking customers are today demanding answers from the major banking community as it’s been revealed that the BIG FOUR have deliberately misled banking customers for more than 10 years, by failing to disclose the Constitution set up under the Code Compliance Monitoring Committee (CCMC) which protects the banks legally and gives them unfair advantage in a court of law.
This week the BIG FOUR bank CEOs and their Chairmen (Commonwealth Bank, ANZ, NAB, Westpac) have received a letter of demand from advocacy group Bank Victims Pty Ltd. The letter seeks a response for its
2,500 bank victims affected by the gross misconduct carried out by the banks in relation to the non-disclosure of the CCMC Constitution.
“It has been revealed that a Constitution set up under the Code Compliance Monitoring Committee (CCMC) in full view of the corporate watchdog (ASIC) has not been disclosed to banking customers for many years, yet banks have been allowed to continue to sell customer loans which contractually rely on this legally binding document. Banks have deliberately misled their customers and the customers are demanding the banks be answerable for their appalling actions,” said Bank Victims Founder, Russell Cousins.
It is reported that 2.5 million banking customers have complained since the 2004 Banking Code of Practice was introduced, yet only 30 complaints per year have been investigated by the CCMC and ‘zero’ banks have been prosecuted or found guilty of any wrong doing.
“Why? Because the CCMC Constitution has allowed them to continue to do business without dispute. Yet the act of deliberate non-disclosure of a legally binding contractual document to thousands of banking customers I am convinced a Federal Court would call that fraudulent activity. If the banks aren’t careful they’ll have a class action on their hands. Some of the largest and most experienced lawyers in Australia have reviewed this matter and the advice we’ve received is that the banks have committed fraud in its purest of definition. Our elected representatives need to act on the Independent Tribunal idea with full judicial powers, or we’ll see the banks in court and we’ll let the law decide how deliberate gross misconduct is viewed in the eyes of the Australian public when they are forced to stand trial for their alleged criminal behaviour.
“It is evident that the Federal Government needs a mechanism set up to investigate these illegitimate banking practices as a matter of urgency to ensure the people of Australia are protected. Bank Victims of Australia who have lost their livelihoods at the hands of the banks profiteering illegally demand action TODAY!,” said Russell Cousins.
Politicians have blood on their hands just as a much as the banks if they continue to allow this to happen. The system does not work and the Regulators don’t work. The banks have discarded customers’ rights and the Regulators have known this and failed to act to protect the public.
For media interviews or further information contact:
Bank Victims Founder - Russell Cousins via Public Relations Manager Danae Jones
PLEASE READ: SUPPORTING DOCUMENTS