Talking Points Ep 17 – Cheated | Fibbed | Spanked | Defamed
- December 21, 2023
- Posted by: Paul Ransley
- Category: Newsletter
What grabbed your attention in the world of finance this week? Here are my top talking points
The tax office is reported to be hunting crypto cheats. Apparently, somewhere between 500,000 and 1 million Australians have dabbled in crypto currency and a number aren’t declaring profits in their annual returns believing that the anonymity of the block chain extends into the real world. It doesn’t. The ATO is grabbing the records of crypto service providers to do some data matching. Miscreants who failed to declare crypto gains in their tax returns should expect a knock on the door
A mortgage survey by financial services giant UBS revealed that in the second half of last year 55% of ANZ borrowers admitted lying in their loan applications. It seems they were encouraged to do this, not by much maligned mortgage brokers, but by the banks own employees.
Justice Beach of the Federal Court has confirmed that WestPac should pay fines totalling $113 million for failing to ensure its services were provided “honestly, fairly and efficiently”. This included charging fees to nearly 12,000 dead customers.
Once again a member of the big four has been spanked by the courts for behaving badly.
Westpac already holds the dubious honour of receiving a record fine of $1.3Bn for failing to report international money transfers some of which may have involved child exploitation
CBA was fined $700 million because its ATM network could have been exploited by criminal drug syndicates
NAB was fined $70 million for charging for services never provided and for an unlicensed loan referral scheme.
ANZ copped a $15 million bruise for, among other things. promoting a discount package to farmers that was never activated.
Serious offences, some of which might put us lesser mortals in jail, yet I haven’t heard of any bankers behind bars. Leave a comment.
The Federal Court has awarded a Gold Coast doctor $450,000 because he was defamed by a competitor in a fake online review. The details, plus what to do if someone publishes a bad review of your business, can be found in this Smart Company article.
That’s kept me entertained for the past week. What about you?
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