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  • Scott Buchholz MP (Lib), "The Member for ANZ"
  • 13/03/2017
  • Contributed by: Eric_H ( 1 article in 2017 )
Be Grateful Today!

This is what the people get from so called elected public representatives — instead of a Royal Commission or any proper investigation into the reality and harm to ordinary hard working Australians from actual banking practices.

This inquiry could be seen as a joke if it's implications weren't so serious!

Political and corporate forces — can you tell the difference OR are they clearly in bed together for everyone to see?

We must also be reminded that in the introduction of the Code of Banking Practice 2013 it clearly states the code is VOLUNTARY, so clearly the banking fraternity is neither bound by it nor can it be held liable for any such breach. The public could not be blamed for taking the view that this form of regulatory code of conduct is pretty much useless and not worth the paper it is written on.
1. Introduction

This Code is a voluntary code of conduct which sets standards of good banking practice for us to follow when dealing with persons who are, or who may become, our individual and small business customers and their guarantors.

Since 2012 in a press statement by Andrew Wilkie stating "The Banking Code has also been recently criticised as a ‘toothless tiger’, particularly in regards to its enforcement infrastructure"2, the ability to enforce breaches of unfair practices still remains illusive to the little person on the street when it comes to righting any wrongs done to him or her.

The BIG question is always who does the lone man or woman contact to get real help against a bank when things go wrong, forgetting of course lawyers and the Financial Ombudsman (FOS) who appear simply as props facilitating the banks' interests in yet another angle of the con game of true, correct and complete transparency and accountability, diminishing public confidence and trust not bolstering it?

[2] p545 UNSW Journal Vol 38(2) Revisiting The Australian Code Of Banking Practice: Is Self-Regulation Still Relevant For Improving Consumer Protection Standards?

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