ECONOMIC & MARKET COMMENTARY MARCH 2018
Banking Royal Commission Begins
A focus on misconduct in lending – primarily home loans, car loans and credit cards. The Commission has heard of systemic failure by all four big banks to properly consider customer income, expenses or employment when issuing credit card insurance, car loans, home loans and other financial products.
The Commission has power to enquire into cases where the bank has settled a claim – presumably, on average, the worst conduct occurring in cases they do not contest and which never see a tribunal or Court.
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