Via Australia’s last journalist standing, Adele Ferguson:
It doesn’t get much worse – or serious – than blatantly lying to the corporate regulator on at least 20 occasions, but AMP did just that.
The commission’s investigations have also caught the board and senior executives meddling with and changing an independent expert’s report before it was finalised and passed off as an “independent” investigation to the Australian Securities and Investments Commission.
…Jeff Morris, the Commonwealth Bank whistleblower who blew the lid on misconduct at the bank’s financial planning division…is also frustrated that [the army of] people involved in the corrupt behaviour won’t be called…“They deserve to be exposed like the paedophile priests.”
This is corruption on an immense scale.
Not to worry, Anna Bligh’s fake government is on it:
Australian Banking Association CEO Anna Bligh thanked McPhee for his oversight over the last two years providing independent governance advice and monitoring for the ambitious industry reform program.
Bligh said: “The industry has set a cracking pace on some of the toughest reforms in over a decade, as detailed in Mr McPhee’s final report, however there is still further work to be done to bed these down.
“Banks have made a large investment in reform to better meet community expectations, such as changing the way bank staff are paid and improving customer protections under the new Banking Code.
“Banks are on track to meet the 2020 deadline set by the Sedgwick Review to reform the way they pay their staff including abolishing direct sales incentives and scrapping mortgage broker commissions directly linked to loan size.
“While this is the final report by Ian McPhee the industry has taken his advice and will be putting in place further arrangements for public reporting.”
What an unmitigated disaster for Anna Bligh’s reputation.
