The biggest rip-off in financial services is the huge fees charged by retail superannuation funds, which flow to the big banks and AMP for delivering poorer performance.
It's extortion, pure and simple.
The High Court of Australia last week dealt a blow to the big four banks when it overturned a Federal Court ruling and found that certain fees charged by banks could be classified as "penalty fees".
You might be forgiven for thinking the banks are starting to soften up their customer base for a post-election rate hike regardless of whether or not the Reserve Bank resumes its cycle of raising official rates.
It's always fun to read about American fraudster Bernie Madoff -- mostly because he's one of the few headline acts of the GFC who didn't get away with it.
More ammunition for the gathering class action against Australian banks over fees, especially exception fees, with the Reserve Bank today issuing its 2009 survey of banking fees.
It has taken more than a decade but finally, a serious Australian legal action has been launched against 12 of Australia’s largest financial institutions for alleged fee gouging.
Will Rayner, Head of Investor Relations, Bendigo and Adelaide Bank Limited, responds to Crikey article: Bendigo and Adelaide should come clean on MIS.
Australia’s leading banking journalist, the Financial Review’s Andrew Cornell, undertook a valiant, albeit flawed defence of banking exception fees yesterday.
The future of health ... Peter Costello's memoirs ... beating unlawful bank fees ... the battle for McEwen ... the torch protest ... the Republic debate ...
