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Inflation Stands At 3.44% In The First Half Of November

ABC Staff
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Inflation Stands At 3.44% In The First Half Of November

The National Consumer Price Index (INPC) registered a variation of 3.44 percent in the first half of November compared to the same period last year, the National Institute of Statistics and Geography (Inegi) reported on Tuesday .

This figure represented its lowest level since the first half of June of this year , when it stood at 3.17 percent.

Thus, inflation returned to the target range set by Banco de México (3 percent, +/- one percentage point).

The underlying price index , which is the one that excludes products with high price volatility from its accounting, had an annual variation of 3.68 percent, which represented its lowest level since the first half of June, whose data was 3.66 percent.

In its interior, the prices of services were located at 2.25 percent at an annual rate, which presented its highest record since the second half of March 2016, on that occasion it was 2.18 percent.

The rise in merchandise prices was 5 percent at an annual rate, its lowest level since the second half of June, when it stood at 4.88 percent.

Meanwhile, the non-core balance , which accounts for products that present high volatility in their prices, such as agricultural products or fuels, increased to 2.67 percent.

This is its smallest rise since the first half of June, when it rose 1.63 percent.

In a disaggregated manner , the prices of agricultural products were located at 7.62 percent, while those of energy and tariffs authorized by the government presented a deflation of 0.85 percent, this compared to the same period last year.

As for the price index of the minimum consumption basket, it registered a rise of 0.11 percent every two weeks and 3.61 percent annually.

In its monthly comparison, inflation had a variation of 0.04 percent.

Electricity and professional services prices rise
The products that increased the most in price and that had a greater impact on inflation during the first half of September were electricity (22.74 percent); professional services (9.58 percent); egg (2.62 percent) and chicken (1.91 percent).

The products that presented a reduction in their costs were the tomato (13.38 percent); lemon (10.88 percent); zucchini (9.31 percent) and avocado (6.09 percent).

By state, those with the highest price increase were Sonora (3.64 percent); Sinaloa (2.91 percent); Baja California Sur (2.2 percent) and Baja California (1.83 percent).

2020: A Frantic Year for the Housing Market

Sam Allcock
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2020: A Frantic Year for the Housing Market

2020 has been an unprecedented year for the housing market for a lot of reasons. From natural disasters to a global pandemic – the housing sector has been impacted by a lot of different factors this year.

Here, we’ll look at how the housing market has been impacted in 2020 and some of the key trends that have emerged.

Rural properties have become more popular

Due to the ongoing pandemic, there has been a rise in demand for more rural properties. Homeowners in London for example, are starting to move further afield, choosing to commute into the city instead of living there. Great deals can be found on routes such as from Bedford to St Albans City and further into the London

Living further out of the city is considered safer due to recent social distancing measures. It is also much cheaper – something many homeowners need to factor in due to the economic impact of Covid-19.

The stamp duty cut

In a bid to protect the property market, the chancellor announced cuts to stamp duty in 2020. Until April 2021, buyers won’t have to pay stamp duty on properties up to £500,000.

This has caused a rush in demand, as buyers look to take advantage of the cuts before they end next year. The more expensive the property, the more buyers can potentially save. While house prices are reducing because people are rushing to sell while the stamp duty cut is still in force, moving property chains can be a significant factor in economic stimulation, so the government will be following the housing market closely.

Recession likely to damage market

The UK is officially in recession and this is likely to damage the market in the long term. Around the start of the first lockdown in May 2020, house prices across the UK dropped by 1.7%. This is said to be the largest decline in the market for 11 years.

While it is thought that the market will pick up once the lockdowns end, it could still take years to get it back to where it was before the pandemic. This is due to a huge rise in unemployment and the forced closure of many businesses. At the moment, we are yet to see the full effects this year has had on the market so there is some level of uncertainty.

These are just some of the ways the housing market has been impacted in 2020. The country still has to deal with the result of Brexit, although experts suggest this won’t have a major impact on the market. It is too early to tell exactly how hard the property market will be hit by the pandemic. However, at the moment the elimination of stamp duty has helped to keep it active.

5 Accounting Services Needed for Your New Small Business

Sam Allcock
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5 Accounting Services Needed for Your New Small Business

You finally have all the pieces of your entrepreneurial puzzle in place—a great proposition, an excellent location, a solid plan, and the financial muscle to put it all into motion. Barring the ordinary vagaries of business and unexpected crises like the COVID-19 pandemic, you should start seeing your rewards and expanding in no time.

However, there is one vital piece your venture will begin to wobble and eventually crumble without: an accountant. Without a qualified professional manning their books, many small businesses have seen an untimely end. If you yourself don’t have accounting expertise, consider hiring a full-time accountant, e-commerce accountants or outsourcing the following services.

1. Payroll

There’s much more to managing a payroll than doling out cash to your employees every two weeks. The government requires you to make deductions such as income tax, social security contributions, and health insurance premiums on your employees’ behalf. Failure to make these remittances in time can lead to fines running into tens of thousands of dollars, or you could even face jail time.

You may be aware of these deductions and even know how to calculate them yourself, but if it’s not your specialty, you might not be up to date with the latest regulations governing those deductions. And between you and a career accountant, there is a higher chance that errors will arise when you try to do their bread and butter.

A professional accountant can help you do the computations for these deductions accurately and apply the most up-to-date standards and procedures. Certified public accountants (CPAs) have years of training on these processes and regularly attend seminars that keep them updated on any statutory deductions changes.

2. Bookkeeping

Bookkeeping can help you keep track of your daily financial operations- purchases, sales, etc. Without these records, it’ll be near impossible to work out your business’s financial health at the end of the month or year. You’ll also have trouble filing your returns and working out what you owe the IRS. The IRS aside, you need that data to help you make the right decisions for your business’s growth.

Keeping track of every transaction is quite involved. Trying to do this while overseeing your workforce, listening to customer grievances, trying to drive sales, etc. will stretch you thin. With such a hectic schedule, it’s easy to imagine accidentally making avoidable bookkeeping errors. If you don’t have any experiences on many accounting services, you may visit our site to know more about company accounting services in Hongkong.

3. Financial Reporting

Feeding the credits recorded during bookkeeping into financial instruments that show a business’s performance over a given period is best done by an experienced accountant. They can correctly apply GAAP, or generally accepted accounting principles, to determine your business’s assets, liabilities, and profit or loss. Hiring an accountant for a startup business is essential to staying on track with your goals for growth.

Having your balance sheet in order will also better prepare you to meet your obligations to the IRS. Your accountant should know how to extract information from your financial statements for use for tax reporting.

Being able to draw accurate financial statements of the required standards is a demanding task best left to an expert CPA. Freeing yourself of this responsibility will allow you to focus on your core business responsibilities and coming up with ways to improve your margins.

4. Accounts Receivable/Payable

Working out a company’s accounts receivable and payable is the core of an accountant’s work. Accounts receivable is money owed to the business by its customers, while accounts payable is what you owe your suppliers and institutions that may have lent you money. Your accountant will know where to place all these items on your balance sheet so that you get an idea of how well your business is fairing. As your appointed CPA helps you decipher your balance sheet, you can sniff out debts and potentially save yourself from unnecessary losses.

5. Financial Advising

Financial accounting is only part of what your accountant will help you do. They will also assist you with managerial accounting, which uses the data in your financial statements to improve your business’s profitability.

For instance, you can drill down to the cost of advertising for each of the lines of products you offer. Comparing this with the revenues generated by each line, you can determine which of your campaigns was most effective. In turn, you can decide to spend more on a particular form of advertising for a product line bringing in good returns. You could also spend more on an alternative form of advertising for an underperforming product or service offering.

Accounting for the Future

As you think about an accountant to bring on board, it’s wise to think about where you are and where you want to be in the future. As a small business, you’re better off working with a small but reputable accounting firm that can offer you personalized service. However, be sure to choose an accounting partner that can effectively scale up when your operations begin expanding.

How to spot casino cheaters

Sam Allcock
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How to spot casino cheaters

The majority of people who go to a casino go there to play and enjoy themselves. They don’t know if they are going to win or lose, and although a win is a great thing, for the most part they don’t really care – click to play poker. They go because they want to play, they have a budget to play with, and they are going to have some fun. Whether it’s slots, poker, blackjack, or anything else, they go to play fairly and they don’t ever consider cheating. 

But there are people who have an entirely different motive for going to a casino. Rather than going there to have fun, they go there specifically to cheat. They will do whatever they can to ensure they get the upper hand when it comes to all kinds of games, and they do it knowing full well they are doing something wrong, and sometimes downright illegal. 

When these people go to a casino with the intention of stealing from it (because that’s what cheating really is) it is important for casino staff, and possibly other players too, to be able to spot them. Here are some ways it can be done. 

Can They Really Be High Rollers?

Unless a casino already knows a particular player, perhaps because they are rich and famous (and therefore recognisable) or because they have been playing at the casino for a while now, casino security are always going to be especially interested in anyone who comes in claiming to be a high roller. Many of these do actually have plenty of cash to be playing around with, but there are others who pretend to be wealthy in order to receive all the fabulous perks that a high roller will get, including free rooms, food, and access to the VIP gambling areas. 

Security and dealers are going to be watching these people carefully. One method that is used is to see what happens when they lose. The best cheats are going to lose at some point to make their playing look more genuine, but they aren’t going to want to lose a lot of money in the process. So if someone only ever loses after they have made a small bet, and the amount they lose therefore won’t be very large, and they win on their big bets, and this pattern keeps occurring, it is likely they are up to something. It’s almost a clever ruse, but one that a seasoned security officer in a casino will see right through. 

Distracting The Dealer

No dealer in a casino should ever be touched, and neither should they touch the players. This is a hard and fast rule, but one that a casino cheat will bypass so he or she can distract the dealer enough to do whatever it is they have to do. They might swap cards, for example, and do so because they have created a distraction. So of course, this behaviour is going to be suspicious right from the start, and dealers are going to be watching out very carefully if they feel they are being distracted. 

Card Counting

Card counting is something you have probably heard of, but you might not quite understand how it all works. It’s not exactly cheating; you aren’t influencing the cards in any way, for example. Yet it is frowned upon, and if you’re caught doing it, you will more than likely be asked to leave the casino. 

Card counting essentially means working out the likelihood of what card is going to come next in a game, and therefore it is used in blackjack above anything else. Although this counting is done in someone’s head, they can still be noticed when patterns start to form, and this is when security will step in.

How to save on your next car purchase

Claire James
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How to save on your next car purchase

Buying a car is a big investment and now more than ever, every penny counts. But the price displayed for a car isn’t necessarily what you should pay. There are a number of ways that you can save on your next car purchase.

Research

Before you head off to a dealership do some research about the type of car you are looking for, as well as similar models. Make sure you know the market value of the vehicle you want, as well as think about the average type of journey you’ll make. For example, if you commute to work and spend time on a motorway, you’ll want a car that’s fuel efficient, however, if you live out in the countryside, a 4×4 or crossover car might be more suitable.

Get used or nearly new

Buying a car that’s a few years old will offer you the chance to get more of the features you want, without paying a premium. When buying a new car, the depreciation is greater than if you buy a used car. Every new car will lose value as soon as its driven off the forecourt. Similarly, a used car with a high mileage or one that’s badly maintained will also be less valuable than a vehicle that has low mileage and is well-kept.

Shop out of season

If you’re shopping at a dealership it’s worth seeing if you can wait for the end of February or end of August to buy your car as the new registration plates are released on the 1st of March and September annually. This often means dealerships slash prices on cars with the previous years’ registration plate.

Similarly, think about the type of car you want and work out when it will be in less demand. For example, cars that are more suited to winter weather will be cheaper in the summer months, and sports cars and soft-top convertibles aren’t as sought after in the winter.

Consider financing options

If you don’t have the money to buy outright, then consider various financing options. Not only do dealerships often have financing options, but you can trade in your current car and pay the difference, opt for higher purchase, or lease higher. But remember, however you decide to finance your car, it’s important to think about your long-term financial plans, as well as the cost of owning and running a car. This is everything from paying for the car tax for the full year upfront instead of paying in instalments, as well as driving in a fuel efficient way.

Best eWallets and pre-pay cards for gambling sites

Sam Allcock
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Best eWallets and pre-pay cards for gambling sites

When you go online to gamble, financial security is critical. Your choice of payment method needs some thought. Fraud protection as well as fast transactions are important considerations. The use of eWallets and pre-pay cards can help you in this area. Let’s look at three excellent and safe choices.

Paysafecard

Paysafecard was set up in 2000 in Vienna, making its way to the UK six years later. It’s now used in over 40 countries and continues to grow in popularity. The card can have funds placed onto it by purchasing a voucher from the many approved retailers. Then with your funds in place, you can use your Paysafecard to transfer money into other accounts.

A Paysafecard is a great payment method for use at online gambling sites. There are now a large number of Paysafecard Casinos, and it is a good idea to seek out sites that accept it as a deposit option.

There are several advantages of using a Paysafecard. With it being a pre-paid service, the chance of spending more than you have is eliminated which means it will help you to budget your spend.  It is also a safe and speedy payment method. When depositing into an online casino, you do not need to submit personal or financial details, instead just a 16-figure PIN code.

One disadvantage is that the Paysafecard is only used for making deposits into your account. You can put money yourself onto the card via those retailers but can’t receive funds back from the online casino. This is only a minor drawback, and the answer is to have more than one payment method in use. The two payment methods below are both ideal for use at online casinos.

Paypal

PayPal is one payment method you can safely use on gambling sites. The number of sites that allow PayPal keeps on increasing. Why is this the case? Well, lots of people already have a PayPal account, and the transactions are safe and secure.

All that is needed for a PayPal transaction to take place is the email address that you use. No other personal information is necessary, so if there is a security breach, the fraudsters won’t have much luck in getting hold of your details.

Another big bonus with PayPal is the speed of the transaction. When you make a deposit, it will be in your account almost instantly. The same applies more importantly with withdrawals. That cash you’ve just won will be in your account right away, better than waiting a few days as you would with a debit card.

Skrill

It is a similar situation if you decide to use Skrill as your payment method. Skrill was previously known as Moneybookers and is now widely used for online casino money transfers.

Opening a Skrill account is an easy task. Just enter your personal details, and a confirmation email will be sent to you. Payment can then be made into your new account, and away you go.

Again, it is easy to use this method to make deposits and withdrawals. Speed is again of the essence, so this can ease any cash flow problems. The service is also free, which is always a plus point.

The use of Skrill is again very safe and will protect your cash. Anonymous payments are the worst enemy of fraudsters. One of the only drawbacks is that several online gambling sites don’t include Skrill deposits in welcome packages. In which case you will have to use another accepted payment method for your first transaction, and then use Skrill for other future payments.

Away debit and credit cards, these are three of the best deposit options for an online casino account. Have fun, and always gamble responsibly.

Bond, James Bond – Daniel Craig’s Name Featured in Fake Bitcoin Scam Endorsement

Sam Allcock
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Bond, James Bond – Daniel Craig’s Name Featured in Fake Bitcoin Scam Endorsement

James Bond now finds himself snared in a trap of a different kind. He’s moved from the world of espionage to the world of fake celebrity endorsements. Bitcoin scammers have appropriated the iconic image of Bond star Daniel Craig to shill their automated trading scheme which is named “Bitcoin Revolution”. It’s not just Craig either. Countless celebrities have found their faces plastered on advertisements for scam brokers that steal funds from their clients. With the price of Bitcoin on the rise, these scams will likely continue to thrive for the foreseeable future.

A New Kind of Online Finance Fraud

It’s important to note that these brokers aren’t offering the chance to invest in Bitcoin itself. The high-security nature of cryptocurrencies makes them a poor choice for fake investments. Instead, the brokers are offering contracts for differences. These assets are derivatives of Bitcoin that follow it’s price changes. It’s like betting on which way the price will go, up or down. These assets are hazardous even if you get them from a real broker, but these scam brokers won’t pay out even if you do bet right.

While the word of James Bond is good enough to get people to click, these scammers need a little something else to get their victims to bite. The bait they’ve chosen is automated trading. Brokers claim that they have advanced algorithms that can predict the market and make trades on their clients’ behalf. Any broker claiming to offer automated trading is trying to scam you. If a system like this did exist, the broker would not be soliciting novice traders online with fake celebrity endorsements.

Specter of Fraud Looms Over Bond Star

Likely of the most well-known British actor today, Daniel Craig has been a star of stage and screen for decades. Since 2006, he’s been this generation’s James Bond. More than just a movie star, Craig is involved with several international organizations that remove land mines and other hazardous materials from war-torn communities. He’s one of the most easily recognizable actors out there, making him a perfect pick for a fake celebrity endorsement.

Online investment scams often use fake endorsements to promote their websites. Daniel Craig’s image has been appearing in a number of these ads recently. A major scam broker has been running ads claiming to be endorsed by Daniel Craig. They say that the Bond star has made big money investing with them, and the hundreds of other people have followed his advice and done the same. In reality, Daniel Craig has no affiliation with the broker in question. If he had invested any money with them, he would have lost it all by now.

Keep One GoldenEye Open for Online Fraud

Aside from Mr. Bond, you only live once. Losing your savings to online investment fraud is no way to live that life. Always research your options carefully, never invest impulsively in get-rich-quick schemes. Choose a broker with a longstanding reputation of honoring the best interest of their clients. Don’t invest with an unregistered broker that you found through an ad on Facebook. Social media platforms don’t vet their ads before running them. You’re responsible for avoiding the scams found there.

Most Popular Stocks in November

Sam Allcock
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Most Popular Stocks in November

November is traditionally the best month for investors, this is especially true during an election year in the US. The reason for this is the markets manage to get clarity about the administration going forward. If there is uncertainty or doubt about the ability of the administration to aid entrepreneurship, this can have a negative effect on the value of stocks amidst speculation. We have done a full analysis of popular stocks, exchanges and cfd trading platforms throughout the internet in order to see which stocks are the most popular.

With the post-election volatility, we are seeing some massive stock buying opportunities. But don’t worry, we have done all the research for you and below is a list of stocks that we think will see great growth in the month of November. Read on to find out which stocks we have chosen and why.

Visa

Visa is a powerhouse in the payment processing industry. It is an extremely profitable company that pays out a decent dividend with a five-year growth rate of 20.11%. Visa has even gone on to beat their projected earnings estimate regardless of the current global pandemic.

Visa stock is valued at $212.70 which is currently down roughly 18% from its highs earlier in the year. Purchasing Visa stocks now is seen by many analysts as a discounted price as previous trends show this 18% drop is down to its support line. Given the volatility of the market, we are likely to see a bullish trend upwards in the value of the stock as we are heading into the end of this quarter and a new administration in the US.

Alibaba Group Holding Limited (BABA)

This is a massive Chinese tech company that has businesses in ecommerce, retail, internet and technology. The current worth per share is $306.87, this value has almost doubled over the last year showing incredible growth of 85%, and right now they also have a profit margin of 32.00%. This rate of growth shows no signs of slowing down anytime soon. They own multiple businesses under their brand which means they have diverse revenue streams.

The next quarter ending in December 2020 they are expecting to see revenue growth of 51%, stabilising to 38% in 2021. They recently invested ~$3.6B in Sun Art Retail Group which is a Chinese supermarket. Deals such as these will only serve to increase Alibaba’s profit margins and stock value.

Etsy

This is an American ecommerce company that focuses on the niche of handmade, custom and vintage goods. At the end of last year, the stock was hovering around the $50.00 mark, and at the beginning of the pandemic they took a big hit. Since then, the stock has seen exponential growth, increasing their value per stock to $139.73. They currently have a profit margin of 13.78% and a return equity of 32.08%.

They do not currently pay put a dividend but are still able to attract investors with the longevity and rate of growth they have achieved in this past year. It is for these reasons that we have included Etsy onto our list of most popular stocks in November.

There you have it, our selection of the most popular stocks in the month of November. These companies have been included for the durability they have shown, throughout a time which has been financially difficult. By showing adaptive innovation, it has allowed them to continue growing and they have positioned themselves at the forefront of their respective industries.

How Millennial Shopping Habits Are Changing Fashion

Sam Allcock
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How Millennial Shopping Habits Are Changing Fashion

It’s official: Millennials outnumber Baby Boomers. Millennials are now the largest generation, and they have the purchasing power that goes with it, around £2 trillion at last count. Millennials are the most influential group with regards to employment and consumption, but numbers alone aren’t what make them unique as a consumer group. Today’s working boss lady (and boss man) is shopping online. S/he cares a whole lot less about brand names and a whole lot more about what social media influencers are wearing. Read on to discover how Millennial shopping habits are changing fashion.

Customisable Fashion

Today’s shoppers looking for gifts for wife don’t want cookie-cutters. They want unique: custom sizing statement necklaces, and tailor-made power blazers. Millennials have a much stronger desire to stand out and display their unique personality than the previous generation. This translates into more demand for customisable options. Very few brides in the past would have bought a wedding dress online. But the allure of a custom-cut and -fit gown is an offer today’s fiancées can’t refuse.

Insta-Fashion

The relationship between buyer and seller has always depended on trust, but today’s shoppers put their trust in individuals rather than logos. Millennials are hyper-connected. Nine out of ten Millennials do at least some of their shopping online. They own an average of three devices and their primary news source is often social media, rather than the tv or newspapers. The definition of ‘news’ on social media runs the gamut from world events to what one of the Kardashians wore to lunch. With options to ‘buy the look’ and 1-click purchasing, social media has made shopping easier than ever. These days, pseudo-celebrities exert far more influence than name brands that may have worked for decades to build their reputation.

Iconoclastic Fashion

Fashion is all about change, and Millennials fully embrace this concept. They don’t care a whit about convention or rules. Gender fluidity, diversity, and inclusivity are all extremely important to Millennials. Stereotypical portrayals of masculine or feminine types are out, while unisex, androgynous fashion has become the norm. Companies that cater to non-traditional beauty, such as makeup for a broad range of skin tones and, even better, offering personalisation options, are doing very well. Businesses created and run by atypical CEOs are also enjoying a moment as Millennials strongly support minority and underrepresented populations. Another unexpected growth sector: menswear. Online menswear sales now outpace those for womenswear, from waistcoats and suits to casual pj’s, men beat out women overall when it comes to shopping online.

Experiential Fashion

E-tail sales were already skyrocketing pre-pandemic and the lockdown has only fuelled this trend. While some claim retail is dead, the truth is, brick-and-mortar shops will always be with us. Virtual is great, but most people still want to touch and try things on. Nonetheless, physical stores have had to dig deep into their well of creativity to lure customers back through their doors. The smart ones have succeeded by offering services that can only be performed live, such as blow-outs and date makeovers. Of course, savvy retailers immediately upload before-and-after pics onto social media for maximum reach. They know this is the quickest route to Millennials’ hearts, and their wallets.

Throwaway Fashion

Online personalities may not have a degree in marketing or even much talent with a camera, but that doesn’t make them any less influential. The knowledge that your outfit will be photographed and the risk of being seen twice wearing the same thing has led to an explosion in fast fashion. Many social media celebrities have taken to only wearing an item a couple of times — at most — before tossing it. A boon for the fast fashion industry, if not the environment.

Transparent Fashion

We’re not talking about see-through clothes (at least not yet). One of the reactions to fast fashion has been the demand by Millennial consumers to know where and how their clothes are made. The fashion industry is now much more transparent about sourcing, production methods, fair treatment of workers and environmental impact than ever before. The majority of Millennials say they’re willing to pay more for brands that support social or environmental causes. Companies that advocate and demonstrate these types of practices are scooping up a particularly healthy part of the market share.

Slow Fashion

Another reaction to the throwaway fashion is the concept of ‘slow fashion.’ Slow fashion promotes, amongst other things, sustainability, environmentalism and workers’ rights. Businesses that embrace slow fashion subscribe to the mantra ‘less is more.’ Some companies are going so far as to offer to pay the return shipping on items shoppers no longer want, with promises to reuse or recycle it. One bright spot in the debate over e-tail versus traditional retail when it comes to waste: online shopping consumes about 30% less energy.

The Australian Banking Royal Commission and Background Screening Recommendations

Sam Allcock
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The Australian Banking Royal Commission and Background Screening Recommendations

When the final report of the Banking Royal Commission came out in 2019, the conclusion was clear – things need to change in the financial system. The changes envisioned by the experts encompass all the areas and all the levels in the banking industry, from the high-ranking executives down to the employees that work directly with the clients.

The culture of greed must end

The final report of the Australian Royal Commission into Misconduct in Banking, Superannuation and Financial Services Industry uncovered an appalling array of dishonest practices, many of Australia’s leading banks and financial institutions implementing a top-to-bottom culture of greed that cost the customers millions of dollars. The report presented 76 recommendations meant to prevent such a scandal from happening in the future. Let’s have a look at the most relevant changes suggested by the commission.

Background checks for brokers

While the scandal exposed institutional malpractice and a sales-driven culture, much of the blame resides with the brokers that interacted directly with the customers.

According to the commission, many brokers deliberately offered customers loans they could not afford and on such terms that would drive many people to bankruptcy, which they actually did.

According to the report, to prevent such things from happening again brokers must act with the best interests of the customer in mind. This means that, for the future, a broker could be fined for disregarding the customer’s financial situation on the excuse that it was the company policy that made him act that way.

Australian Brokers will have to undergo pre-employment background checks like the ones provided by the Australian National Character Check (link) to make sure they do not have prior misconduct charges on their criminal record. For the customer this means that a dishonest broker fired from a financial institution for misconduct will not be able to find a position in another bank or lending institution. Further information on commonly asked questions about Australian criminal record checks can be found here.

Background checks for financial advisers

The Banking Royal Commission recommended in its final report that banking licence holders should report to the Australian Securities and Investments Commission any concerns about the professional conduct of independent financial advisers. To keep things under control and the customers protected, such reports should be made on a quarterly basis.

One way of making sure financial advisers take their responsibilities seriously is imposing mandatory financial services background checks on the profession. According to the commission, the profession will be governed by a single body and financial advisers will have to be registered with it.

Special provisions for agricultural bankers

The Banking Royal Commission dedicates an important part of its report to the agricultural banking sector. The commission was appalled by the extent of the misconduct in this area, with many distressed farmers being burdened with disastrous loans.

First of all, the report recommends checks on all the banking employees working in this particular field to make sure they have a reasonable experience in agricultural matters. At the same time, they should undergo pre-hire background checks to exclude people convicted for gross misconduct from ever working in the same capacity again and destroying the lives of other farmers.

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