Wednesday, January 4, 2012
This paper examines the extent to which customers of the major banks are not provided fair treatment and full disclosure of facts, relevant to customer protection.
Voluntary Codes, such as the Code of Banking Practice, and self-regulation should work effectively but this paper shows this has not happened in Australian since 2003.
An unpublished arrangement between the banks and Code reviewer’s allows the banks to filter customer complaints, limiting the authority, independence and power of the reviewers.
I lodged my own submission that shows the Code is a contract and therefore the banks and their CEO’s treatment seems criminal. READ MORE....
My submissions can be found on the Senate website at Sub No 109 http://www.aph.gov.au/Senate/committee/economics_ctte/banking_comp_2010/submissions.htm