Ignore the putrid odour, nothing is really rotten
Outsider feels greatly reassured that while the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services industry has uncovered some “disturbing” revelations with respect to our major financial institutions, we can still rest easy.
Why? Because according to Australian Prudential Regulation Authority (APRA) chairman, Wayne Byres, you may not feel you’re able to trust the conduct of the banks but you can rely on them being financially sound.
Byres told Senate Estimates he could assure Australians that the financial services industry is financially sound and that the financial system is stable.
From what Outsider can tell, that means that notwithstanding all the allegations levelled at the banks and the fact that scores if not hundreds of financial planners are headed for the exits, any money you’ve got on deposit is safe.
And why? Because Byres assures us APRA has been hard at work building the system’s strength and resilience.
Outsider thinks Byers needs to explain that in a little more detail to the bank customers giving evidence to the Royal Commission on seemingly unjustifiable mortgage and loan foreclosures.
Oh, and the Tax Commissioner, Chris Jordan told the same Senate Estimates hearing the Australian Taxation Office is not “a mongrel bunch of bastards”.
You be the judge.
AUTHOR
The Outsider
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