Families expect banks to be a trusted partner in helping their children hold on to and grow their money. But a Fairfax investigation by Adele Ferguson has exposed that Commonwealth Bank staff impersonated school children to reap cash rewards:
“Thousands of children’s Commonwealth Bank accounts were fraudulently set up by retail branch staff as part of a widespread scam to earn bonuses and meet aggressive performance targets.” – Fairfax
The Banking Royal Commission, alongside the media, continue to turn up stories of banks behaving badly. What’s clear is that our banks are broken, and it’s up to people like us to demand a better system.
Will you join our campaign to fix the banks, insurers and superannuation funds?
Here's our plan
1. Champion the voice of people inside the Royal Commission:
we’ll continue to write powerful submissions and share your stories inside the Commission. We’re already having a real impact: the Government has announced support for big increases in penalties to stamp out bad bank behaviour.
2. Make sure politicians follow through on real reform:
once the Royal Commission hands down its initial findings in September, we’ll be ready to swing into action and make sure politicians act to fix the banks for good.
What reforms are CHOICE supporters championing?
Hold wrongdoers to account
The Government has committed to our ask for the introduction of ‘fines that match the crime’, so there are meaningful consequences for banks, insurers and brokers that continue to do the wrong thing.
Justice for victims
Give victims of unethical behaviour by banks, insurers and brokers meaningful ways to access justice (like financial compensation and legal support).
Make competition work for us
Change the law to make sure banks, insurers and superannuation funds have to compete to enhance the interests of people not just profit.
Give the umpire the right tools
Give independent accountability body, ASIC, the power to monitor and enforce the responsible behaviour of banks, insurers and brokers on behalf of the community.
What we've won so far
The Royal Commission asked CHOICE what the problems were with financial corporations. We asked you for your thoughts, and more than 3000 of you responded. Sharing these stories has already helped the Commission zero in on the big problems.
As a result we’ve already won a huge increase in penalties for misbehaving banks – now we need to convince the Federal Government that it can go further. Add your voice to the thousands of people who are fighting to keep the banks accountable
To join the Campaign please click on the following link https://campaigns.choice.com.au/
This article was first published on https://campaigns.choice.com.au/