A Royal Commission - Terms of reference - "Banking in Australia" sign now

Are you like me? Sick and tired of the Banks in Australia churning money out of their customers! Every day we read about some bank or other that has employed some dubious scheme to make more and more money out of its customers. Unfortunately, the Government has neither the inclination nor the political will to act. The donations political parties receive from major banks might have something to do with our Governments failure to curb these banking institutions.
I never realized before just how corrupt our banking system is until it affected me personally. I was one of those naпve individuals that invested in Storm Financial believing that their advice was sound. Like thousands of others, I had no reason to believe otherwise. The fact that Storm Financial was supported by major banks that operated in partnership with that financial advisory firm reassured us that our money was in safe hands. That was our first mistake! Now the Banks maintain that Storm Financial was in large part responsible for the losses thousands of investors, the large majority of them being elderly self-funded retirees, incurred. Nothing could be further from the truth.
There is no question that Storm Financial was reckless in its advice, but it could not have functioned in the way it did without willing accomplices. The Banks, principally, the Commonwealth Bank of Australia, the Macquarie Bank and the Bank of Queensland simply worked in conjunction with Storm to churn money out of the Storm investors, who were unfortunate enough to place their trust in these banks. The charge sheet reads as follows:
(1) Unbeknown to their Storm customers, the Banks entered into covert agreements with Storm Financial that were inducement based, (2) these agreements were based on Storm Financial channelling business their way, extending cheap corporate loans, and trailing commissions to Storm Financial for doing so, (3) the Banks whilst working in partnership with Storm unlawfully assigned their Storm customers' rights, the banks' contractual obligations, the banks' responsibilities outlined in the banking codes of conduct under which they operate, and their "duty of care" duties to their customers, to Storm Financial.
(2)By allowing Storm to complete the banks' paperwork they together with Storm created a situation that led to the following: (a) failure to assess their Storm customers' capacity to repay any loans extended, (b) accepting Storm's assessments without verifying the facts for themselves, (c) endorsing Storms investment model even though it was seriously flawed, (d) extending margin loans without considering customers total liabilities, (e) inflating housing valuations and accepting customers' assets statements that were found later to have been fabricated, (f) dismissing customers' liabilities that would have made such loans applying "prudent banking" principles unsustainable, (g) offering loans on houses for investment purposes (dubious at any time) and margin loans in an environment of economic uncertainty, (h) creating a culture together with Storm of over-leveraging customers' that defied all sound and reasonable banking tenets.
In so doing, the Banks: (i) breached a number of Statutory Acts, (j) breached their own banking codes of conduct, (k) abused their Storm customers' rights, (l) failed to fulfil their contractual obligations, (m) operated unregistered management schemes, (n) wrongfully assigned their customers' rights to Storm, (o) failed in their fiduciary responsibilities, (p) disregarded their "Duty of Care" obligations.
COULD THIS HAPPEN TO YOU? If it hasn't already, it's only a matter of time, trust me! Can we do anything about it? Let's start by voicing our displeasure. If you share my views, please endorse this petition. If you have a grievance against a particular bank, say so. It's time the people in this country spoke before these corporate criminals hijack our way of life completely. Lets have these banking institutions investigated once and for all. It cant be done unless YOU decide to do something about it. If you dont, expect more of the same!

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Latest Signatures

  • 17 October 201550. Una R
    For me, Macquarie's lack of appropriate notifications requiring urgent action are the main objection. Macq Bank must be held responsible.
  • 15 July 201549. Des P
    about time the action of banks were looked
  • 11 July 201548. Jan U
    Macquarie Bank should definitely be investigated. Storm clients need an explanation from them regarding their rash "sell down" policies.
  • 22 May 201547. Dutchy Rinop
    The banks siezed the opportunity to strip everyday working families of their homes and their life savings.
  • 12 May 201546. Vimla H
    Storm and Macquarie
  • 28 April 201545. Rhoda R
    We thought we had planned well for our retirement and thanks to the banks/ASIC/and financial planners we will now have to depend on a pension. Don't be fooled into thinking they are planning for your future well-being, they are simply lining their own poc
  • 05 December 201444. John C
    It would appear that banks can even lie to a Parliamentary Committee and not face censure.CBA told Ripoll that the way of making margin calls had been changed at a date undetermined and the paperwork for which cannot be found.
  • 01 December 201443. Janelle G
    I also trusted in Storm Financial because it was supported by some of Australias largest banks, was ASIC approved and was a member of Financial planners Assn. The CBA had no problem lending me alot of money just months before the GFC hit, even though I am
  • 21 September 201442. Carmel C
    The banks must be called to account for their unfair practices.
  • 17 August 201441. Jennifer M
    support for a Royal Commission into banking in Autralia.
  • 11 July 201440. Glenda L
    Westpac and Macquarie
  • 27 June 201439. Alan C
    We are victims of imprudent lending by Banks
  • 06 February 201438. Jan C
    The banks have ruined our life .we are victims of Storm Financial
  • 07 November 201337. John L
    Westpac and Macquarie
  • 22 September 201336. Brian B
    Macquarie Bank charged me $35K break fee
  • 20 September 201335. Jill D
    Victim of storm. Invested my super that I received from early retirement because of ill health. Now forced back to work and struggling with it.
  • 05 August 201334. Frederick G
    I am sick and tired of Banks lying to the public to gain their wealth.
  • 28 May 201333. Melinda L
    I lost everything through Storm Financial and Macquarie Bank
  • 26 April 201332. Anne S
    victim of Storm
  • 17 February 201331. Dennis B
    Friends of ours lost everything because of Storm
  • 06 January 201330. Justine M
    signed
  • 27 December 201229. Ann W
    A Royal Commission of Inquiry is what is required to identify just where our Social / Legislative/Legal system has failed the community in respect of how banking services are delivered
  • 10 September 201228. Rod P
    CBA and Macquarie involved
  • 24 June 201227. Helen Y
    I am incredibly concerned with the recklessness of the bank, whom willingly lent the money and are now trying to accept no responsiblity for their actions...S&G even stated that it was Storms reckless advise that ended us in the predicament we are all
  • 22 December 201126. Margaret P
    Banks require a shake up.
  • 03 December 201125. Desmond Gl
    commonwealth bank-criminal conduct
  • 13 November 201124. Jennifer C
    n/a

browse all the signatures

Fern BatesBy:
Technology and the InternetIn:
Petition target:
The People of Australia

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