"The overwhelming Factual Evidence is now at hand"
During the past few months we have produced a series of documents to the public that explains how the banks have been publishing contracts.
This allowed the banks to act dishonestly in relation to the investigations of customer complaints.
The system does not work and the Regulators don’t work.
The responsibility of the banks have discarded customers rights and the Regulators have known this and failed to act to protect the public.
Below are the letters as set out in the Bank Victims series.
Links weakness of the Code of Banking Practice, Code Compliance Monitoring Committee and Financial Ombudsman Service with systemic flaws in self-regulation. It asks whether practices of leading banks constitute criminal behaviour.
Supporting Documents: Banking in Australia: "Banking Code of Practice Road map to deception"
Notes the relationship between Code subscribing banks and customers has damaged while regulators have failed to investigate and prosecute banks that have breached the APRA, ASIC and ACCC Acts.
Supporting Documents: "The impairment of Customer Loans Submission Doc 61"
Reports information ASIC has that explains how the banks misled customers, whilst Bank of America and other US banks have been indicted for illegal behaviour. The government has failed to introduce legislation to protect all Australian bank customers.
Supporting Documents: "Bank of America v Department of Justice"
Explains how regulators, in 2016, allege ANZ and Westpac - and possibly NAB – “disadvantaged customers by manipulating the nation’s benchmark interest rate, the bank bill swap rate. This distorts lending and borrowing costs for households and businesses.
This paper refers to federal regulators being negligent in circumstances where the practices of banks may amount to criminal conduct. There is evidence that senior executives of the banks generated profits unlawfully.
Supporting Documents : ABA 2004 Code of Banking Practice
PART 6 :
This paper explains how ASIC, ACCC and Treasury allowed banks to sell standard form loan contracts without full disclosure.
Supporting Documents : Mr. Greg Tanzer ASIC Commissioner Cover Letter
The CEO’s conduct seems bewildering, as does the underperformance of the ASIC. Without an inquiry there can be no closure on concerns that the banks, prior to 2014, were selling customer loans without full disclosure.
A similar letter has been sent to the Shadow Minister Joal Fitzgibbon to allow both the major parties to establish important Argi Business Policies.
Banking in Australia: Unregulated and Unprotected Part 8 is an open letter to ASIC alleging bank Chief Executives were selling customer loans without full disclosure for ten years.
It further alleges that this practice was carried out with ASIC’s knowledge.
Banking in Australia: Unregulated and Unprotected Part 9 demonstrates how untrustworthy banks have been, since 2003, when regulating themselves.
Banking in Australia: Unprotected and Unregulated Part 10 provides opportunities for ASIC, ACCC and Treasury to act decisively and protect individuals and small businesses harmed by bankers regulating themselves.
Banking in Australia: Unregulated & Unprotected Part 11 identifies provisions in the 2003 Code whereby customers are treated unfairly.
Banking in Australia: Unregulated & Unprotected Part 12: It is alleged that banks, prior to 2014, acted “dishonestly using their position of power to gain an advantage especially for money”. Regulators have not disputed these facts despite this being the Cambridge dictionary’s definition of corrupt.
Supporting Documents: Letter to Greg Tanzer - 22 August 2016
“The evidence referred to here, notes that a public inquiry into banking practices would find there were many examples where subscribing banks took customers to court for breach of contract while the bank was silent of its policies.”
“The Code is today not the mechanism that the government’s Campbell and Martin review envisioned. Since the Code came into force in 1996, Banks have misled the public, weekended consumer protections, and abused their powers over their customers.”
"Only a Royal Commission will find the truth."