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Banksia: Letter to Courier Mail

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29 October 2012 9.30am

Dearest Courier Mail.

Re: Collapse of Bank(sia) Financial Securities.

Under no circumstances should the government allow any financial institution to register a company with the word “bank” in it’s title and its advertising.

Any psychologist will tell you that the primary effect on the human mind of using such phrasing and terminology will have the guaranteed effect of convincing a depositor or borrower that he is, in fact dealing with a “bank”.

In Australian law, the word 'bank' means that all deposits up to $250,000 are government guaranteed. This was the opposite with the Banksia group.

Banksia’s lawyers and accountants would have been acutely aware of this deliberate malfeasance, well before the company was registered and all the advertising done.

There is no way that any member of the rural or regional general public of Victoria could escape this statement.

The fact that the crime was literally under everybody’s nose and in plain view is quite disgraceful.

 

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  • Denise
    Denise Tuesday, 27 November 2012

    Could ASIC please release the letter they wrote to directors of Kebbel Bank 2005 telling them it was an offence of some kind (false and misleading, likely to mislead) to use the word 'Bank,' in their material. Oh well perhaps I will have to dig up my copy. But your bods at ASIC permitted the registration of the name in the first place....how did that happen? [email protected]

  • doyla66
    doyla66 Tuesday, 27 November 2012

    That "bank" issue is real for many people. Sure people might "know" that Banksia is a plant. But the name does influence the market behaviour and perceptions.
    Better to be safe than sorry.

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