Wednesday, January 4, 2012

Chapter 2 - DO BANKERS LIE ?

The principles of law are based on common sense. The banks published the Code of Banking Practice in 2003 because the application of the law is both challenging and expensive.

I found when banks receive complaints they cannot afford to investigate, they deny everything and breach their duty set out in the Code of Banking Practice to investigate ‘all complaints’,

The bank admits there is a dispute and the Code defines disputes. The Code monitors who monitor ‘all complaints’ are bound by another bank contract and they don’t investigate ‘all disputes’.

Now, 22M individual and small business customers can take their bank to court. First, work out how much the bank will spend to cover up corruption - $1M, $2M or $20M, and double it.

This paper explains how the Martin Committee took exception to this, and the 1993 Code followed.

The real antics didn’t appear until 2003, John McFarlane (ANZ), ABA was Chairman and Gail Kelly (St George) his Deputy. FIND MORE...

1 comment:

  1. If the business world were like Entourage, bankers would be the agents, private equity firms and large companies would be the studios, and companies would be the actors and movies. So, as I see it, it's more of like dealing than lying.