Today\u2019s disappointing final report into the banking and financial services industry will slow, but not end decades of money grabbing and unethical conduct, the Australian Greens have said today.
\n\u201cThe enthusiasm from the Liberal and Labor parties to accept these recommendations tells you all you need to know. The financial services industry is one of the biggest donors to both old parties, and they will all be laughing all the way to the bank tonight,\u201d Leader of the Australian Greens Senator Richard Di Natale said.
\n\u201cAccepting all of these recommendations will go some way towards improving the system, but the system needs more than a tweak, it needs a complete shakeup.
\n\u201cPeople have not only suffered from unethical conduct, they have been hurt as a result of limited competition and protected by a toothless watchdog. Under these recommendations people will continue to be locked into that rotten structure, and bankers will only be forced to rein in their profit forecasts.\u201d
\n\u201cThis Royal Commission has shone a welcome ray of light on the practices of the banks, and there is undoubted political momentum for reform \u2013 but we cannot consider the job to be done,\u201d Greens Banking spokesperson Peter Whish-Wilson said.
\n\u201cThe Greens would like to have seen more focus on structural reform, rather than just conduct reform. The Commission\u2019s failure to resolve the issue of vertical and horizontal integration is a notable example of an inquiry that has been constrained.
\n\u201cSadly the Commissioner\u2019s brief was limited from the outset, as was his time to consider detailed policy issues.
\n\u201cThe historical significance of today\u2019s report depends on what unfolds from here. Will long suffering victims of financial misconduct now be appropriately compensated? Will the regulators take up Justice Haynes challenge and pursue criminal charges against the banks?
\n\u201cThe Greens will be watching closely and won\u2019t be taking a backward step in holding the next government to account, and leading on the push for reform and policies that transform our economy\u201d.
\nThe Greens welcome the thrust of the recommendations, and are particularly pleased to see some of the Greens\u2019 recommendations adopted, including:<\/p>\n
However, the Greens proposal to fix Australia\u2019s banking sector would:<\/p>\n
Today\u2019s disappointing final report into the banking and financial services industry will slow, but not end decades of money grabbing and unethical conduct, the Australian Greens have said today. \u201cThe enthusiasm from the Liberal and Labor parties to accept these recommendations tells you all you need to know. The financial services industry is one of … Continue reading “Banking Royal Commission report a small step towards the reform we deserve”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1436","post","type-post","status-publish","format-standard","hentry","category-aussie"],"_links":{"self":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/comments?post=1436"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1436\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1436"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}