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13
March 2018
 |
Royal Commission (The Total Investment & Insurance Solutions)
Australia's
Royal Commission into misconduct of the financial sector began its first public
hearing on Tuesday with a focus on residential mortgages, car finance, and
credit cards. The Total Investment & Insurance
Solutions
Several
major banks, including the National Australia Bank (NAB), the Commonwealth Bank,
Westpac and ANZ, as well as other financial entities, are among the
institutions facing the investigation of the Royal Commission into Misconduct
in the Banking, Superannuation and Financial Services Industry, reports Efe
news. The Total Investment & Insurance
Solutions
Evidence
will be presented to the Commission in the next two weeks that consumers have
not always been treated fairly and honestly when they received the loans
through bad practices such as the alleged manipulation of interest rates. The Total Investment & Insurance Solutions
The
assistant counsellor of the inquiry, Rowena Orr, said that residential
mortgages represent about two-thirds of total loans granted by Australian
banks.
Currently,
there are more than $AUS 1.7 billion ($1.33 billion) in outstanding mortgages,
according to Orr.
The
Commission will seek to determine at hearings in Melbourne the reasons behind
unfair lending, although it is feared that hundreds of alleged victims will not
appear for fear of legal retaliation by banks and other and financial
institutions. The Total Investment & Insurance
Solutions
Cases
of improper lending have already been addressed by banks and the Australian
Securities and Investment Commission, resulting in many cases in fines against
banks and refunds to clients.
The
Australian government established the Royal Commission last November to inquire
into financial sector misconducts after months of pressure from the opposition
Labor Party and the Green Party.
The
opposition parties were later backed by some officials from the ruling
coalition of Prime Minister Malcolm Turnbull, who at first opposed the
initiative. The Total Investment & Insurance
Solutions
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