Banks return $1.2bn for bad adviceBY ELIZA BAVIN | FRIDAY, 12 FEB 2021 12:16PMSix of Australia's largest banks have paid or offered a total of $1.24 billion in compensation to customers, according to new ASIC figures. Related News |
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Judith Fiander
CHIEF EXECUTIVE OFFICER
AUSTRALIAN PHILANTHROPIC SERVICES
AUSTRALIAN PHILANTHROPIC SERVICES
When Judith Fiander first walked in the doors of Australian Philanthropic Services her intention was to volunteer for a few months. Fast forward 14 years and she is the chief executive. Eliza Bavin writes.
So-called remediation, based on formula-driven 'objective' audits set down for auditors with no regard for the necessary subjectivity of advice (and service) provided by the Advisers!
In fact, an attempt to divert attention away from the banks' 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' customers.
And many of whom have been financially ruined in consequence.
And, of course, who has paid for the 'remediations'? Not the banks' executives! No, the shareholders.
So much for executive responsibility!