We’ve been running the story of First National Bank which has left some of its low-cost housing clients destitute by dragging compensation through the courts. These are the poorest and most vulnerable. Their home loans are in the region of R60000. FNB has overcharged them in interest rates and all these people are demanding is their money back.
Imagine if this bank could simply compensate these clients. Imagine if the regulatory bodies and courts in this country were as vigilant and fair as those in Australia which found BMW had violated credit laws resulting in many people acquiring cars they couldnt afford and later have them repossessed.
Online news outlet, France24 reports that “the Australian Securities and Investments Commission said at least 15,000 customers may have “suffered hardship as a result of BMW Finance’s compliance failure”.
ASIC deputy chairman Peter Kell highlighted BMW’s “sales-driven culture that failed to comply with the requirements of the credit laws and resulted in poor outcomes for many consumers.
“This is an example of the staggering cost of poor business practices.”
Read the rest of the BMW story here http://www.france24.com/en/20161207-bmw-compensate-thousands-australian-clients-loan-scam