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	<title>Financial Standard Comments - Banks return $1.2bn for bad advice</title>
	<description>Six of Australia's largest banks have paid or offered a total of $1.24 billion in compensation to customers, according to new ASIC figures.</description>
	<link>https://www.financialstandard.com.au/feed/latest?story=178105192</link>
	<lastBuildDate>Wed, 03 Mar 2021 10:29:41 +1100</lastBuildDate>
	<pubDate>Wed, 03 Mar 2021 10:29:41 +1100</pubDate>
	<language>en-AU</language>
	<copyright>Copyright 2026 Financial Standard</copyright>
	<ttl>5</ttl>
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		<title>Comment by Jack Wellings (Wellinvest)</title>
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<p><p>So-called remediation, based on formula-driven &#39;objective&#39; audits set down for auditors with no regard for the necessary subjectivity of advice (and service) provided by the Advisers!</p>
<p>In fact, an attempt to divert attention away from the banks&#39; corporate sins by blackening the characters and reputations of honest to goodness advisers, many of whom were quasi-employees of the banks, caring for the financial well-being of the banks&#39; customers.</p>
<p>And many of whom have been financially ruined in consequence.</p>
<p>And, of course, who has paid for the &#39;remediations&#39;? Not the banks&#39; executives! No, the shareholders.</p>
<p>So much for executive responsibility!</p></p><p><a href="">Reply to article</a></p><p>For original story, <a href="">Click Here.</a></p>
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		<dc:creator>Jack Wellings (Wellinvest)</dc:creator>
		<pubDate>Wed, 03 Mar 2021 10:29:41 +1100</pubDate>
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