Royal Commission presents clear downside for bank stocksBY ALEX BURKE | MONDAY, 23 APR 2018 12:28PMFindings from the Royal Commission, and the possible increased regulation that will emerge as a result, have weakened the investment case for Australia's banking sector. Related News |
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David Sharpe
CHAIRMAN
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
FINANCIAL ADVICE ASSOCIATION AUSTRALIA
A family man, business owner, cricket fanatic and financial adviser, David Sharpe has many facets. One of his biggest legacies, as he steps down as chair of the Financial Advice Association Australia, is leaving the profession stronger than he found it.
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In the 1990's it was identified by 4 Corners, investigated and proven true that the banks ALL charged their clients interest and fees based on 31 days per month-every month.
At that time the banks explained it as a "computer glitch", but one which they assured everyone they would reimburse everyone effected. IT DIDNT HAPPEN!
Unless the public purchased a software package that include a template letter addressed to "a bank" and the figures provided by the software, which was never queried by the bank and paid immediately .However if "you" didn't claim you got nothing.
That same 31 days a month program of interest still runs today 20 years later. Every personal loan, overdraft, mortgage, credit card is still bveing ripped off. Has this been mentioned in the Royal Commission. Plenty of eveidence available.