This paper examines how Australian individual and small business customers of the twelve major banks are required to be protected by a Code of Banking Practice, in the form of a contract, which assures customers of fair treatment and full disclosure by banks.
The paper describes the unfairness of Bank/ Customer relationships and how bank employees and customers are misled into believing banks will “act fairly and reasonably to customers in a consistent and ethical manner”.
If four Rio Tinto executives in China received jail terms of between 7 - 14 years for having “seriously damaged the interests of the Chinese steel enterprises” in 2010, it’s impossible to imagine what penalty the same court would hand the twelve bank CEO’s if they collectively impaired the interests of every Chinese bank customer.
But will the Australia regulators hold the twelve highly paid banks CEO's accountable?
It is hoped this report will encourage legislators and regulators to reconsider the importance of protecting the Australian public, who have been kept in the dark by ambitious and highly rewarded bank executives, willing cover-up dishonest and unethical behavior.
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