Banks, you’re not fooling us anymore...or are they??
Finally, ASIC has stepped in and said the big four banks’ “multibrand” strategies are misleading and it will be keeping a close watch on their conduct. - BULLSHIT
For example, recently St George said that it “will beat any advertised home loan rate from the big banks”, when in fact it is owned by Westpac (ASX: WBC).
Bank of Melbourne, also owned by Westpac, invited unsuspecting customers to “Get a better rate than the big 4”.
Credit Unions have had enough and are calling for new regulations that force subsidiary brands to display who owns them in their advertising campaigns. Alternatively, here’s a quick list:
Commonwealth Bank (ASX: CBA) owns BankWest and announced an intention to take a majority stake in Aussie Home Loans
Westpac owns RAMS, St George, Bank of Melbourne and Bank SA
NAB (ASX: NAB) owns UBank
ASIC does NOTHING...ASIC will do NOTHING...especially to the BIG 4.
The BIG 4 Banks are audited by the BIG 4 Accounting firms.
The BIG 4 accounting firms make 60% of their fees for consulting to the BIG 4 Banks....gonna blow the whistle-NOT Likely. Gonna help COVER-UP....YEP
The Big 4 Accounting firms/Auditors are audited by....ummm...yep NO-ONE
Again...ASIC does NOTHING.
Of course this is all IMO...but you can research it for yourself.
Sources include Motley Fool.
