Compliance

Wanted: a happy medium..

“We await the Honourable Kenneth Hayne’s judgment, set to be released by the Treasurer at 4.10pm on Monday.

This time, the work has been painstakingly conducted by a team of lawyers, who would appear to have less interest in securing cushy finance sector jobs…”

“Getting a mortgage will be different. Getting financial advice will be different.

It’s likely that many financial planners and mortgage brokers will lose their livelihoods.

Bankers will lose their bonuses.

Returns to bank shareholders – including you and me, through our super – will be curtailed, at least in the short term.”

” Banks have already shelled out $7.4 billion to make up for their poor behaviour … Shareholder returns have been drained by $3.2 billion to refund customers who received poor advice, no advice, sham products or were overcharged on credit cards.

Implementing these refunds has cost shareholders an estimated $1.8 billion, while other costs incurred to manage risk, compliance, regulation and litigation arising from the misconduct currently exceed $2 billion.”

the commission also likely to recommend a host of criminal and civil charges

Full story at The Age.
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