Ratts of Tobruk
Cancelled
- May 1, 2013
- 9,168
- 5,975
- AFL Club
- Carlton
- Other Teams
- ATV Irdning
Labor will hold a Royal Commission into Banks and Financial Services if elected, and will support the Liberals if they propose one. The Greens have previously asked for one (and a National, John Williams, crossed the floor to support it), and Warren Entsch and the cross-bench support it too, so this will happen unless the LNP don't want it (and are re-elected).
My friends in the financial industry have said that there is plenty to be discovered if a RC happens, and looking at the explosion in 'financial services' over the last decade, particularly with more people taking an active interest in their Super/Investments then this seems like a very good idea. Any confidence lost in the industry short-term will be superseded by better practices long-term.The royal commission would conduct a two-year inquiry into the banking and financial services sectors, including superannuation funds, and cost $53m. Shorten said the sector had been rocked by a string of scandals that were “not isolated and one-off examples” but rather pointed to systemic problems in the industries. Shorten said calling a royal commission was “an important decision, it’s most certainly not made lightly”...
Bowen said the royal commission’s objectives would include considering how widespread illegal and unethical behaviour is, banks’ duty of care to consumers, how culture, ethical standards and business structures affect conduct, and whether Australia’s regulators are well equipped to identify and prevent illegal and unethical behaviour.
Recent bank scandals include the Commonwealth Bank financial planning scandal, allegations CommInsure may be routinely denying legitimate claims from sick and dying customers and an Australian Securities and Investment Commission (Asic) suit against Westpac for alleged rate rigging. On Thursday Shorten had refused to rule out a royal commission, prompting criticism from the treasurer, Scott Morrison, who labelled the idea a “reckless distraction”