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Write to your MP

Politicians represent you, not the banks. Tell your MP that you want them to commit to genuine reform now.

 

Once you enter your details, click 'Find my MP'. 

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Tell your MP to fix the banks

The Banking Royal Commission will soon come to a close – but our campaign to fix the banks is just beginning. Here's what you can ask your Member of Parliament to do:

  1. Self-regulation has failed. Stop letting financial institutions write their own rules and police their own industry.

  2. Provide regulators with the tools they need to do their jobs. This means bigger fines for banks, more resources to take banks to court and a wider range of options to deal with badly behaved banks.

  3. End bonuses and commissions which reward aggressive selling above meeting people’s needs.

  4. Establish a scheme to compensate people who lose everything because of poor advice or mismanagement.

What's happened so far

  • The Commission releases Interim Report into findings

  • October 2018
  • The interim report is critical of industrywide kickbacks and financial incentives bank staff are earning. Clearly it’s time for the government to take action on dodgy commissions and bonuses that are still rife within the industry.

  • First public hearings begin

  • March 2018
  • The Commission exposes that scandals like charging dead people fees, fraudulently setting up kids' Dollarmites accounts, and failing to report scores of breaches to the regulator are just the tip of the iceberg. CHOICE puts forward solutions to fix banks' irresponsible lending.

  • CHOICE makes our report

  • January 2018
  • We share almost 3000 people's experiences with financial services with the Commission, showing the cost of bad behaviour from the banks. 

  • The Royal Commission is called

  • December 2017
  • After a decade of scandals and growing community pressure, the government is forced to call a Royal Commission and expose what's really going on in the banking and financial services industry.

See our submission to the Commission's Interim Report

CHOICE has responded to the Royal Commission's Interim Report by calling for widespread reforms, including changes to the way financial services entities remunerate and reward staff. We also call for an expansion of ASIC's compliance and enforcement toolkit to better enable the regulator to investigate and take action.

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Becky*

Bad financial advice

"Our adviser took $160K. We lost everything."

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Hugh*

Personal loans

"My son was sent bankrupt by irresponsible lending."

Jasmin's* story: 

During severe floods in Queensland in 2011, Jasmin's home was flooded. She woke to find her children asleep and their beds surrounded by water. Jasmin had flood cover, but apparently not 'stormwater' cover. After eight months of delays, with no bedroom for her children, the insurer refused the claim. 

 

*Jasmin, Becky and Hugh's names have been changed to protect their identities. 

"It took them eight months to decide that they wouldn't cover us! Eight months while I was pregnant and had two children without bedrooms!"

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