After three weeks of tribunal hearings, the royal commission into banking has outlined corruption and misconduct throughout all the major banks of Australia.
The Commonwealth Bank has been encouraging mortgage brokers to oversell their loans, raise credit limits of gambling addicts and was even charging the deceased on their overdrawn accounts.
NAB has been found doing dodgy deals with gym owners for home loans.
The ANZ wasn’t even verifying living expenditures when processing loans, this is in direct violation of the National Consumer Credit Act
The thing is, with each disgrace coming forward, we as Australians are learning more about how we are not only funding these wrong-doings but we are also the victims.
Compensation has been made but how far should these banks go?
Labor is pressuring the government into establishing a compensation scheme for the victims of these banking giants.
According to The Guardian, Bill Shorten wrote “it is unacceptable for people to suffer because of the misconduct of others” he also suggested that, if the Commission needed more time and resources, Labor will call on the government to give it to them.
It is important to realise that the Royal Commission can’t force the banks into paying a single dime in compensation.
Shorten is determined to set up a low-cost tribunal to help Australians get what’s theirs.
we are happy to wait for justice as long as it’s served with a side of compensation.