This paper was given to a U3A Group. It's a look at settlement services and borrowing/lending practices. It is not intended to be a blueprint, rather an accounting explanation of what banks do and to question whether there's another way.
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry is appropriately named. There’s been plenty of misconduct revealed. The aim of this seminar is not to trawl through all the misconduct, but to have a closer look at what banks do. Do we need them? If we were designing a new banking system would we come up with the current model?