Give the banks a break

Thank you for the article, Brodie.
I think as an industry should be careful about falling into the traps of the media and just pandering to this notion of community expectations (community expectations are important, but so are the facts or otherwise that bring about those expectations). In the main, the Royal commission hearings were not about charging for advice not provided; in the main the charge was about service not provided. The provision of personal financial advice after FOFA is distinctly different to that before. Many of these fees for service came about pre-FOFA and being discussed now as though those fees should have been for the provision of personal financial advice, which is fundamentally incorrect. Service is not necessarily advice.
To one of the bank positives; amazing technology. This is true. Unfortunately, this technology serves the bank's purpose as much as (and probably more so than) the customer's. Take the tracking of ongoing expenditure for example; wouldn't it be fantastic if all of that data could be downloaded and reported in such a way that would help preparation of the customer's income tax return? Instead, separate systems and records need to be maintained.

Brodie
Congratulations for having your say. Regulation has been with us on a grand scale for years - the Regulators have approved all Platforms/PDS from their inception; including take overs since the GFC. The findings stated in the BRC has highlighted and exposed significant breeches on ALL levels. You are correct; these are being addressed and will take time. I agree with your approach to get back to business and everyday we appreciate the security and certainty many many employees benefit from the Banks being able to operate day to day. It is always about "Choice" to sit up and decide who you wish to do business with and on what terms. That takes time, commitment and dare I suggest a "fee" for advice or no advice. My 30 years experience would suggest that most people have usually adopted the "sit and forget" approach and then make the noise when things are highlighted by someone else. Not condoning any of the questionable activity and breeches performed by the banks; however should there be a "perfect world" in the financial services industry; you could tell me where to find it. Thanks for the article - a great perspective.

Kerry

I have no issue paying for service, the trouble with the two big banks I deal with is there is no service. Recently my ANZ bank increased their monthly account fee by 20% , when I asked what extra service was provided for this increase the person I spoke to could not tell me of any changes that required a 20% increase in fees! Let's be honest banks do price gouge.

Excellent article which provides some good perspective on personal financial responsibility.