ECONOMY – FINANCIAL INSTITUTIONS
In the recent history the financial institutions have had an uncommonly close association with the government which has permitted a culture of fraudulent behaviour to permeate much of the financial institutions and we will bring about and end to this appalling culture and behaviour.
The Reserve Bank will be expanded to include both trading and saving capacities.
- All charges in all financial institutions must be fully disclosed in plain language and must equate with services required for the account to operate.
Loan agents will be held accountable for the advice given in regard to loans that they recommend for approval.
Mortgage loans cannot be foreclosed upon without references to external financial counseling with a view to overcome the difficulties.
- The collusions between the banks will be discouraged by an enhanced competition watchdog.
Insurances will face independent examination to verify their honesty.
Superannuation funds will have to be more transparent about processes.
Funeral funds will face new regulations so that once the full value of the anticipated funeral has been paid in premiums then the fund is preserved until the death of the beneficiary so that the funeral will be covered.