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Australian banks worsen their wounds due to misleading consequences of research

SYDNEY (Reuters) – Australia's largest bank and wealth authorities have uncovered and investigated a misunderstanding this week before the latest report to reform the financial sector's largest 12 economic world.

Australian and New Zealand Banking Group (ANZ) includes Chief Executive Officer Shayne Elliott's Officers' Offices. The Royal Board is examining the misconduct of the financial sector in Melbourne, Australia, November 29, 2018. Through AAP / David Crosling / REUTERS

Aside from the "whistle populist" party of the first Conservative, the quasi-judicial inquiry appointed by the Royal Committee reveals the adverse board-to-board behavior, which undoubtedly will result in more difficult regulation.

During the 69-day hearing, questionnaires listened to surprising stories of cleansed hands, abuse of clients, and even death's money. His final auditions will be on Friday.

In a hearing, lawyer attorneys recorded a life insurance dealer calling on a man who had a cold-down syndrome and did not sign a policy that he understood or understood. When Father's father decided to abolish policy, the company refused to ask his father to cancel his son.

In another, a blind and partial pensioner was described, he was introduced into a bank office and was given "prior written" documents to negotiate his daughter's pool. When the company failed, the bank went after the pensioner.

The largest wealth manager in the country, AMP Ltd (AMP.AX), accepting a supposedly independent report from a regulator, charging customers fees without providing a service. Counsel advocates suggested frauds were criminal, and criminals may be among the latest recommendations by Commissioner Kenneth Hayne.

"What happened to us was what happened to us, and it seemed to me that it was deadly, but I did not think that this was not really legal," said Ross Dillon, who told him about the sale of his sales to his bank. Reuters.

Investors began investigating the Australian stock market in four major banks and the AMP market value ($ 29 million) between nine large Australian banks and AMPs, and some analysts expect the falls, according to formal consultations from 1 February.

Reputation and financial costs are piling up in some of the most profitable banks in the world.

Four leading authorities – Australian Commonwealth Bank (CBA.AX), Westpac Banking Corp. (WBC.AX), Australia and New Zealand Banking Group Ltd (ANZ.AX) and National Australia Bank Ltd (NAB.AX) and AMP has committed $ 1.3 million to deal with clients combined.

The CEO of the Commonwealth Bank was in attendance, AMP's CEO, chairman and three directors. Afterwards, the Commonwealth Bank has made 41 employees disadvantaged and improved profits of $ 100 million. Large industry, hundreds of workers have lost their jobs.

"It will cost more to go into the banks and it will be costly to enforce it," said John Guadagnuolo, head of investment in Antares Capital.

Robert Johanson, President Bendigo and Adelaide Bank, has excluded the building from the building of the Royal Commission in Melbourne, Australia, on November 29, 2018. AAP / David Crosling / via REUTERS

"There is a cultural problem, there is a contracting problem, there is a problem of remuneration, and I do not know how banks should cope with themselves."


Public outrages can not be ruled out by the government in the last recommendations of the commission, most of the polls have been blamed on losing an election expected in May.

Banks forecast some recommendations for consumer loan loans, consumer enhancements and non-business businesses. The boundaries of the statutory bonuses would place Australia at the forefront of international spending to overcome the limits of paying extra-executive payments.

Australian banks have begun to prepare their "fashionable vertical integration" patterns repeatedly to create conflicting interests for financial advisers.

The pension funds are terminated by the endless commissions paid for commodities – excluding customer accounts, without providing any service for many years, the provision is forbidden.

Britain has banned financial planning since finishing commissions since 2013, Australia would still be a more significant ban.

Australian regulators continue to press hard to make it hard, because they suffered unwanted and insolence to take strong measures against armed forces.

The Australian Securities and Investments Commission, the corporation makers, have filed "Big Four" banks and AMP against each other in a new signal against its opposite muscle.

(This story addresses the curator's name in the sixth paragraph)

Byron Kaye's report; Reports by Paulina Duran and Colin Packham. Stephen Coates Editor

Our rules:Thomson Reuters Trust Principles.

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