|
|
Australia begins probe into financial sector misconduct
|
|
|
|
Top Stories |
|
|
|
|
IANS | 13 Mar, 2018
Australia's Royal Commission
into misconduct of the financial sector began its first public hearing
on Tuesday with a focus on residential mortgages, car finance, and
credit cards.
Several major banks, including the National
Australia Bank (NAB), the Commonwealth Bank, Westpac and ANZ, as well as
other financial entities, are among the institutions facing the
investigation of the Royal Commission into Misconduct in the Banking,
Superannuation and Financial Services Industry, reports Efe news.
Evidence
will be presented to the Commission in the next two weeks that
consumers have not always been treated fairly and honestly when they
received the loans through bad practices such as the alleged
manipulation of interest rates.
The assistant counsellor of the
inquiry, Rowena Orr, said that residential mortgages represent about
two-thirds of total loans granted by Australian banks.
Currently, there are more than $AUS 1.7 billion ($1.33 billion) in outstanding mortgages, according to Orr.
The
Commission will seek to determine at hearings in Melbourne the reasons
behind unfair lending, although it is feared that hundreds of alleged
victims will not appear for fear of legal retaliation by banks and other
and financial institutions.
Cases of improper lending have
already been addressed by banks and the Australian Securities and
Investment Commission, resulting in many cases in fines against banks
and refunds to clients.
The Australian government established the
Royal Commission last November to inquire into financial sector
misconducts after months of pressure from the opposition Labor Party and
the Green Party.
The opposition parties were later backed by
some officials from the ruling coalition of Prime Minister Malcolm
Turnbull, who at first opposed the initiative.
|
|
|
|
|
|
|
|
|
|
|
|
|
Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
|
|
Daily Poll |
|
|
PM Modi's recent US visit to redefine India-US bilateral relations |
|
|
|
|
|
Commented Stories |
|
|
|
|
|
|
|
|