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Defined Terms and Documents
Two Terms Of Reference means:
1. the
Four Pillars
(and the banks that they
own or are merged with)
and
Citibank
Australia’s
Predatory Advertising
of some
Credit Cards,
as evidenced in
Nine Examples,
that
'inter alia'
Targets
Credit Cardholders
With Low
Financial Literacy
Capacity
(identified by Productivity Commission
and ABS reports in
Numeracy And Literacy Range Of
Australians
as
Financially Uneducated And Vulnerable)
invariably charging
Usurious Interest Rates
-
these five large banks
(and the banks that they own or are merged with) that provide
over 80% of all
Credit Card Products,
hold empirical data that -
(a)
Persistent Revolvers
account for
12.58% circa of the
7,515,000 Credit
Cardholders in Australia
(June 2016), namely 945,000 circa
Credit Cardholders
(almost one million), yet
pay
80%
circa
of all
Interest and Penalty Fees Revenue
generated from their
Credit Card Products;
and
(b)
Transactors
(67%
circa of
Credit Cardholders)
make no material contribution to
Credit Card Issuers'
Revenues, yet
-
* enjoy
Line/s of Credit
for up to 55 days that are paid for by
Revolvers; and
* receive income tax free
Rewards Points.
2.
Two of
Australia's Three Financial
Services Regulators that have breached their respective
Statutory Duty
and
Fiduciary Duty:
(a) Reserve
Bank due to
Negligence under Common Law by failing a Duty of Care
"to
act in the public interest"
to inform the Commonwealth Government
(obligated under Section 11 of the Reserve Bank Act 1959)
that the
PSB
wanted** to adopt the
User Pays Principle
to Credit Cards
(obligated under
Section 8
of the
Payments System Regulation Act 1998
and other rights/duties/obligations listed in
Extensive Powers of RBA.
(b)
Australian Securities and
Investments Commission
due to the 'eight items of evidence'
listed in the heading/title of
the
Writer's
Submission Letter to Maurice Blackburn
dated
8 May
2017. | 