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The Financial Ombudsman Charade

Published in Bank Victims
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The Financial Ombudsman Charade

The Australian Financial Complaints Authority is the latest version of the financial ombudsman – a mandate covering all dimensions of finance sector operations. The late 2018 Act that created AFCA mandated a review of its operations. The review is a fizzer.

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Bank Malpractice Entrenched

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Submissions from bank crime victims have had no impact on malpractice within the sector (Image by Dan Jensen)

In November 2001 I had published in the Canberra Times ‘When banks decide to pull the plug’. The article concerned bank malpractice against borrowers, notably against small business and family farmer clients.

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The National Australia Bank Takedown of Wide Bay Brickworks

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The National Australia Bank Takedown of Wide Bay Brickworks

Any broad account of bank malpractice in Australia would be seriously remiss if it neglected to document the saga of the destruction of Queensland brickmaker Wide Bay Brickworks (WBB) and the destitution of its principal, Sante Troiani, and his wife Rita.

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Treasury Review of the Australian Financial Complaints Authority

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Treasury Review of the Australian Financial Complaints Authority

Is AFCA meeting its statutory objective of resolving complaints in a way that is fair, efficient, timely and independent? Of the cases that I have been privy to, AFCA’s processes are not efficient and timely, nor the outcomes fair or seemingly independent. AFCA is not fit for purpose.

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Kabwand v National Australia Bank for Law Students

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NAB branch, Ruthven St, Toowoomba: scene of the crime

Wickrema Weerasooria was a Sri Lankan-born lawyer and legal academic (he returned to Sri Lanka from Australia in 2002 and died in 2018). His textbook on banking law in Australia has been seminal. From a first co-authored edition in 1976 to the 6^th edition in 2006, Weerasooria’s Banking Law and the Financial System in Australia (Tyree & Weaver, eds.), this text would have ‘educated’ thousands of tertiary law students over several decades.

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The Sins of Westpac Revisited

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The Sins of Westpac Revisited

In May 2020, I published a lengthy dossier titled ‘The Sins of Westpac’, available here and here. Bank Reform Now’s Peter Brandson intervened with Westpac with respect to several cases summarised in my dossier. Brandson received a response from Westpac, via Carolyn McCann (‘Customer and Corporate Relations’) on 11 June, which read:

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Whither the Australian Financial Complaints Authority?

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Whither the Australian Financial Complaints Authority?

Having been an ear to bank victims when all the official institutions have failed them, I have been lately hearing much about AFCA. Evan Jones

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Loosen lending rules - Oyez!

Published in Bank Victims
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Loosen lending rules - Oyez!

Treasurer Josh Frydenberg is very foolish. Like Treasurers Joe Hockey and Scott Morrison before him. And dangerous. Not content with the idea to further cut taxes (while worshiping the dual deities of Reagan and Thatcher), Frydenberg fronts a new scheme to loosen bank lending rules to speed up economic recovery. Evan Jones

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Banking business as usual

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Banking business as usual

If the banks make concessions to borrowers deprived of income due to the pandemic it will be their first socially considerate act since financial deregulation. By Evan Jones | On 16 July 2020

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Gary Heathwood and Carroll Heathwood : Our Experience with the National Australia Bank

Published in Bank Victims
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MORE NAB VICTIMS: NAB's Unconscionable Actions and Irresponsible Lending, Nab's practices still coming to light.

NAB STILL IN DENIAL AND REFUSES TO ACCEPT THE CONSEQUENCES OF THEIR BEHAVIOUR

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