The early findings of the inquiry into Australian banks and financial services firms has revealed malpractice that in some cases has ruined lives.
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Banking royal commission: all you need to know – so far
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It’s not just poor financial advice that’s affected bank customers. The poor advice has combined with reprehensible behaviour by bank employees. Since 1 July 2010, almost $250m in remediation has had to be paid to almost 540,000 consumers by financial services entities for poor conduct in connection with home loans. The poor conduct included fraudulent documentation, processing or administration errors, and breaches of responsible lending obligations.
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