Taxpayers will foot the bill of an estimated $75 million for the inquiry.
To ensure the effectiveness of the inquiry, the public/consumers are encouraged to participate and make submissions of their experience/stories of banking misconduct, fraud and criminal activity, including: unsolicited credit contracts /activities (credit cards/mortgages/loans), non compliance of credit laws, credit contract claims and court proceedings commenced by the bank or debt collectors which they purport to have been assigned accounts/debt, and any insurance related products provided by the bank.
Further, any experience with financial dispute resolution process such the Credit and Investments Ombudsman and Financial Ombudsman Service which are to be 'impartial, fair and independent'.
Credit contracts are governed under strict credit laws and imposes heavy penalties on financial institutions, however the laws can only be utilised if applied and enforced.
'If you or someone you know has been ripped off by a bank visit
australianunions.org.au/banksarenotsuper and let us know, so
we can make sure your voice is heard during the Royal Commission.
... major banks and some advocacy groups were invited to prepare submissions weeks ago, members of the public still have no way to lodge their complaints.
The commission's website provides no way for the public to do so — just a general contact email and mailing list.
The Australian Council of Trade Unions (ACTU) has launched its own website to accept public submissions.
"We want the commission to hear everyday stories from everyday people, who in some instances have had their lives destroyed," said ACTU president Ged Kearney..
The ACTU said a fully-staffed call centre was operational within two weeks of that inquiry being established.
"This commission seems to be kept very tight, and we're getting very suspicious that maybe the Government and maybe our Prime Minister Malcolm Turnbull does not really want this commission to open a portal into the bad behaviour of the banks," Ms Kearney said..'
The ACTU created the online submission form last 'Saturday and has already received more than 420 submissions from the public'
Article: CommissionBanking royal commission: Australian unions to collect victims' stories https://www.theguardian.com/australia-news/2018/jan/13/banking-royal-commission-australian-unions-to-collect-victims-stories
* ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY - Click here for a copy of the Draft Terms
*Submission/form (https://www.australianunions.org.au/banksarenotsuper )
*Media release / (https://www.actu.org.au/media/1033598/actu-release-180115-brc-public-submissions.pdf )
*Australias Banking Crisis - (https://d3n8a8pro7vhmx.cloudfront.net/actuonline/pages/814/attachments/original/1516322773/A4_ctr_bankrupt_briefdoc.pdf?1516322773 )
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