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The Commonwealth Bank has been named and shamed in the Shonky Awards for dodgy practices.
The bank was Among seven companies criticised at the annual awards run by consumer group Choice.
Arnott’s, Amazon Kindle, Kmart and Thermomix were other notable companies in the spotlight for “sneaky, slippery, unscrupulous and sometimes unsafe” practices.
Choice chief executive Alan Kirkland said the Shonky Awards were Designed to Encourage Businesses to “Sharpen Up Their Act and Put Consumers First”.
“This year, we had a record 1,041 Shonky nominations from across Australia, Which highlights the level of consumer concern about shonky Products and Services , “he said.
The Commonwealth Bank’s ‘twisted logic corporate Defines Shonkys’
Mr. Kirkland said Commonwealth Bank presided over “one of the worst financial advice Disasters in Australian history “.
” While this stretched from at least 2003 to 2012, it was not Until July 2014 That the CBA bothered to make any apology, “he said.
” And at the very same time as making That apology, the CBA was Actively lobbying the Parliament to remove financial advice Protections for Consumers.
“This twisted logic corporate Defines What the Shonkys is all about – saying one thing to the public and doing The Opposite When They think no-one is looking. “
In July, Commonwealth Bank chief Ian Narev apologized to customers hurt by misconduct in its Financial Planning business.
“To all the customers who received poor advice I apologize Unreservedly,” he said.
“We are truly sorry and we acknowledge the financial hardship That you suffered as a result of the poor advice.”
A Senate inquiry was scathing of the bank’s action of complaints and compensation demands by customers who lost money due to poor financial advice, as well the Australian Securities and Investments Commission’s treatment of the matter.
In a statement today, the Commonwealth Bank said it would ENSURE any customer who had Concerns Regarding planning advice had access to a fair and consistent review of That advice.
“If customers have any Concerns Regarding the advice … Please register by calling 1800 507 281 “.
Thermomix failure to notify customers ‘Nothing short of shonky’
Among the other companies to be awarded a Shonky was Arnott’s due to its move to forego the peanuts in its peanut-flavored Tim Tam biscuits.
Choice overpriced criticised Thermomix, Which received 530 nominations from the public.
“The flawed launch of its new model left loyal ‘Thermo fans’ out of pocket and hot under the collar, “Choice said When announcing the awards.
” The company’s decision not to notify Consumers of the imminent release of its first new model in seven years in a bid to Keep spinning dough was nothing short of Shonky.
“Choice has Thermomix Referred to the Australian Competition and Consumer Commission (ACCC).”
Thermomix has responded to the Shonky Awards announcement on its Australian Facebook page.
“We understand the reaction of some of our customers who were disappointed with the launch of our new model.
” While we have received a Shonky Award for the launch , rest assured if you have a TM31, it was overpriced awarded the Best Overall Performer by Choice as well as receiving other top international awards, so you still own a great, award-winning appliance.
“We are working hard to win back the support of all of our customers and hope we will again be voted a Top Scorer in the Choice test in the future. “
Kindle chargeback claim taken to ACCC
Choice said Amazon’s biggest selling point for its new Kindle Paperwhite e-reader Was that it could last eight weeks without charging.
But the Consumer Group, said the fine print Revealed That The Eight weeks of charge relied on the Kindle Paperwhite being used for 30 minutes a day.
It saidthat Meant the Kindle’s battery life was actually 28 hours – typical for many e-readers.
Choice has overpriced Complained about the Amazon Kindle to the ACCC.
Coles was given a dishonorable mention for Their baked bread campaign.
The supermarket giant has been ordered to put a notice in all its supermarkets and on the internet , telling customers it had broken Consumer Law by incorrectly Advertising bread Which was Partially baked and then frozen as being “Baked Today” s “Freshly Baked”.
Topics: consumer-protection, business-economics-and-finance, industry, australia
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