Hi, I’m Doug Constable and in Australia, over the last few weeks, there has been a lot said about this Banking Royal Commission that’s going on.
The first bank that had the opportunity to comment was the Commonwealth Bank, and they admitted many of the mistakes they’ve made over the period of time. One of the things that interests me though is how much emphasis is being placed on the banks and their responsibility to ensure that their loans are accurate, or their financial planner is doing the right thing.
What we see time to time again is the banks being criticised for giving people money. Now I am no particular bank lover, I’ve got to say that. But however, whenever I’ve gone to the bank and asked to borrow money, I feel really good when they’ve given it to me.
So there’s sort of 2 sides to it, isn’t it? There’s one is that banks have made the responsibility of their employees, providing true and accurate information. On the other hand of it, the individual needs to provide true and accurate information, before they make the decisions.
And so while there is the Royal Banking Commission, we need to have a look at it in a broader aspect of it