The Problematic Code paper describes the unfairness of the Australian Bank/ Customer relationships and how bank employees and customers were misled into believing banks will “act fairly and reasonably to their customers in a consistent and ethical manner”. This report explores how the banks misled every Australian, without regard to ethics and agreed principles.
In 2010, four Rio Tinto executives in China received jail terms of between 7 - 14 years for having “seriously damaged the interests of Chinese steel enterprises”. It’s impossible to imagine what penalty the same court would have handed twelve bank CEO’s if they collectively damaged the interests of every Chinese individual and small business bank customer.
It will be interesting to see if Australia holds the twelve bank CEO's accountable.
It is hoped this report will drive change by legislators and regulators who have overlooked the importance of protecting the Australian public who have been kept in the dark by ambitious and bank executives, willing cover-up dishonest and unethical behavior.
Over the coming months, we will publish the contents of the Problematic Code Report. Please add this web site to your Favorites/ Bookmarks and return soon.
If you would like to contact the parties involved in publishing this report you may contact us via our Contact form.
FAIRNESS OF BANK/CUSTOMER RELATIONSHIPS IN AUSTRALIA
I carried out the research for a paper the Council of Small Business presented to the Senate Economics Committee’s Inquiry Into Banking Competition in December 2010. The paper was published by the Senate.
The paper draws attention to matters that inhibit competition and independence of banks when providing services to customers based on principles set out in a contract headed the bankers' Code of Banking Practice (the Code).
A REPORT ON PROBLEMATIC BANK PRACTICES
This paper provides an insight into banking practices and will be published chapter-by-chapter over the coming months.
It examines the extent to which customers of major banks are not provided fair treatment and full disclosure of facts by banks, relevant to customer protection.
Before 1981, activities of the major Australian banks, including the manner they dealt with customers, was subject to detailed regulations imposed by the Federal Government.