When I think of dealing with the banks it makes me both anxious and furious.
Aside from Government – which is designed to rule in favour of the people – there are the bank that exhibit the same gravity upon the population. They are equal in measure to the government's power, but with a commercial heart. The banks want money. More and more of it at any cost to the community.
I find it deeply disturbing the cash profit after tax from continuing operations the major banks is $29.5 billion, putting them ahead of the average Sub-Saharan African nation.
If you're following the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry you'll know a historical decision was made today regarding the social obligation banks have for the community they serve.
Basically the banks were given a stern warning to conduct their business within more of an ethical framework – which should have been happening anyway. Now they have the clout of a Royal Commission to – somewhat – force meaningful action.
Prior to the findings coming out today, I'd started a petition on change.org only later to reaise the House of Representatives only acknowledge petitions the are accepted in the Australian Parliament e-petitions portal.
Based upon the Health Star rating on many food packets in Australia, I have proposed Bank Star rating for financial products. This will make it easier for everyday Australians to make better informed financial decisions.
I believe banks intentionally architect the Product Disclosure Statements (PDS) to breed apathy for the reader. They make them so detailed and hostile to simple comprehension that people invariably give-up and chose something that most closely resembles what they want, or that which is familiar – most of the time it will be the big four banks.
Granted there is incredible complexity in distilling the detail within Financial Product Disclosure Statements (PDS) to a "star" rating, I really want this to be the start of a conversation around easy-to-digest financial products.
We can make incredibly complex systems user friendly in math, engineering and science. Why are we not able to do so in finance?
If you agree, please sign my petition.