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Letter to Peter Brandson 16 March 2019_Version 2 2nd Letter to Letter to Peter Brandson 9 April 2019_Version 2 Defined Terms and Documents 1305, 12 Glen St -
The Pavilion on the Harbour' scribepj@bigpond.com 0434 715.861 Insert one of the enclosed two DVDs in a Windows PC to auto-open this Letter_to_Peter_ Brandson_Version2_16-Mar-19.htmIf using a MAC or the enclosed USB Stick Flash Drive, or the enclosed DVDs do not auto-open, open this letter at CreditCards/BankReformNow/Letter_to_Peter_Brandson_Version2_16-Mar-19.htm
To navigate my submission,
click on the countless black underlined
or
blue embedded threads therein 16 March 2019
Dr. Peter Brandson Dear Peter
1. Second Wave of Royal Commission into Financial Services
Duration: Two weeks of hearings and cross examination
(2) Quantitative, Qualitative, Credit Card Distress Authorities, Numeracy And Literacy Authorities, And Newspaper Article - Evidence Of Unfair Credit Card Costs Which Prey Upon Financially Uneducated And Vulnerable Australians By Engaging In Numeracy And Literacy Discrimination, in particular Credit Card Distress Authorities and Numeracy And Literacy Authorities
Then one week of
cross examination of
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2. Sixteen of the Thirty Two Written Questions (to extend the Royal Commission to address inter alia 1. above) are directed at the Governor of the Reserve Bank of Australia. Some will be difficult to answer because Australia's Principal Regulator of the Payments System has patently abrogated its parliamentary bestowed obligations to the - * material detriment of Financially Uneducated And Vulnerable Australians referred to by the RBA as Persistent Revolvers; and
*
material benefit
of
Transactors that enjoy their
Lines
of Credit at no material cost, as explained in
A further six Questions are directed to other financial services regulators. The Writer wishes to publish 'the final cut' of his Discussion Paper and his Thirty Two Written Questions (and the Supporting Documented Evidence) on a website after his Discussion Paper and each of his Thirty Two Written Questions has been peer reviewed. He would then email Financial Services Reformists and other Interested Entities seeking them to review both documents in the hope that the Federal Govt. would extend the Royal Commission to address - . Unconscionable Conduct by some Credit Card Issuers that target Credit Cardholders as evidenced in Labyrinth of ‘Concealed Spiders’; . Unconscionable Credit Card Interest Rates/Usurious Interest Rates; and . Numeracy And Literacy Targeting 'et al', by some Credit Card Issuers particularly in the 20 years circa prior to mid-2018 and the abject failure of Australia's Principal Regulator of the Payments System to -A.) regulate the User Pays Principle which accords with The Public Interest Test that the RBA recommended from pg 115 in 5.2 'Scheme regulations and competition benchmarks' of its paper "Reform of Credit Card Schemes in Aust: "A Consultation Document" published Dec 2001: 198 The principles that consumers should face prices that take into account the relative costs of producing goods and services, as well as demand conditions, and that resources should be free to enter a market in response to above-normal profit opportunities, have been the guiding principles for tariff reform and market deregulation in Australia. Such market reforms may impact unevenly on different groups – some gaining, some losing – but they are now the well-established route to more efficient use of resources in the Australian economy."
Alas,
the above aspirations by the RBA back in 2001 for a
"... movement towards
a “user pays” approach to credit card payment services ..." never materialised, because of the
horrendous interest/fees burden still born by
Persistent Revolvers that pay for the
Retail Supply Side
costs of the
Lines
of Credit used by
Transactors -
B.) re-regulate *** a maximum interest rate for Credit Card Purchases and a maximum interest rate for Credit Card Cash Advances after Three Landmark RBA Published Papers in the last 26 years that recognised the increasing spread between the Overnight Cash Rate and Highest Credit Card Interest Rates because of the financial burden falling upon Persistent Revolvers that invariably possess low Financial Literacy Capacity and are perpetually paying Usurious Interest Rates. An Unconscionable 80% circa of all Interest And Penalty Fees Revenue levied by Credit Card Issuers annually is paid by Persistent Revolvers.
(In April 1985 the Overnight Cash Rate was 17.2% circa.) Could you provide to the Writer contact details of one or two economic/legislative academics, or others, that are fervent that a second phase of the Royal Commission ensures that inter alia - 1. the RBA is held to account for not actioning A.) and B.) above in view of revelations in Six Pivotal Credit Card Publications (explained in Section 6 of Discussion Paper) by actioning Two Effortless Legislative Changes; and 2. Two Of Australia's Three Financial Services Regulators rely upon their existing regulatory powers to regulate that Credit Card Issuers desist inter alia Predatory Marketing by Numeracy And Literacy Targeting of Financially Uneducated And Vulnerable Australians ?Alternatively, please provide contact details of anyone that is dissatisfied with the regulatory performance of the Principal Regulator of the Payments System to review 1. and 2. above that possesses the capacity to "read, comprehend and respond". Should you provide contact details of one or two academic economists/legislators that peer review the Writer's Discussion Paper and/or his Thirty Two Written Questions and respond with their comments, the Writer will provide a written undertaking to Bank Reform Now to acknowledge the input of any economic/legislative academic/s et al who reviewed his Discussion Paper and/or Thirty Two Written Questions. Such acknowledgement of any peer reviewers would appear immediately under the final cut of his Discussion Paper and Thirty Two Written Questions on his website.NB: If you have any doubts as to whether the Writer has undertaken requisite due diligence for his Discussion Paper, and his Thirty Two Written Questions to Financial Services Regulators, click on -
Yours sincerely
Phil Johnston aka Bank Teller |
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