A Shorten Labor Government will act faster and go further in standing up for victims of banking misconduct.
\nLabor fought for the Banking Royal Commission \u2013 unlike Scott Morrison and the Liberals who voted against the Royal Commission 26 times, called it a \u201cpopulist whinge\u201d and refused to give parliament more time to implement the recommendations.
\nA Shorten Labor Government will implement 75 recommendations of the Royal Commission in full and stand up for Australians affected by banking misconduct.
\nThis stands in stark contrast with Scott Morrison and the Liberals, who continue to protect the big banks and are delaying, watering down or rejecting at least 15 recommendations.
\nUnlike the Liberals, we will fully implement the Royal Commission\u2019s recommendation to end the hawking of insurance products, to ensure there are consequences when the big banks breach industry codes and to ban life insurance commissions if ASIC finds there is no clear justification for retaining them.
\nLabor has already announced tough new accountability mechanisms on the banks and regulators to ensure that a further 23 recommendations are implemented in full, as soon as possible.
\nLabor has also already drafted bills to enact five of Commissioner Hayne\u2019s recommendations \u2013 these could be law before the election if Scott Morrison ends his protection racket for the big banks and agrees to extra sitting weeks in March.
\nLabor will establish a groundbreaking victim compensation package. It\u2019s the courage of victims who have shared their stories that has shown us the need for reform. We must ensure that these victims aren\u2019t left behind as we clean up the sector after a decade of misconduct. Under Labor\u2019s plan, more victims will have the opportunity to pursue a just outcome, and all consumers will benefit from quadrupled AFCA compensation caps going forward.
\nLabor will also abolish trail commissions from lenders to mortgage brokers and aggregators on new loans from 1 July 2020 as well as banning volume-based commissions and \u2018soft dollar\u2019 payments being offered to brokers by lenders.
\nLabor will deal with the Royal Commission\u2019s key concerns with mortgage broker remuneration, namely conflicted remuneration and incentives that drive higher average loans sizes that may not be in the consumer\u2019s best interests. We will impose a fixed percentage upfront fee for brokers that will eliminate the conflict of interest that comes from different lenders offering different commission rates, while ensuring these upfront commission can only apply to the amount drawn down by the borrower, not the total loan amount.
\nScott Morrison never wanted the Royal Commission \u2013 he voted against it 26 times. He described it as a \u2018populist whinge\u2019, a \u2018reckless distraction\u2019 and a \u2018QC\u2019s complaints desk\u2019. For 600 days, while Labor pushed for this Royal Commission, the Liberals fought for the banks to get a $17b tax handout. Now his government is deliberately going slow on the implementation of its recommendations.
\nThe Liberals simply cannot be trusted to crack down on the big banks.
\nLabor\u2019s position is crystal clear \u2013 we will implement 75 recommendations in full.\u00a0 The single remaining recommendation \u2013 Recommendation 1.3 \u2013 will be implemented in a manner that will achieve the objectives set out by Commissioner Hayne. More detail on this recommendation is in our full response.
\nLabor called for this Royal Commission, Labor fought for this Royal Commission, and Labor will work day and night to ensure that we deliver the reforms recommended by the Royal Commission.<\/p>\n","protected":false},"excerpt":{"rendered":"
A Shorten Labor Government will act faster and go further in standing up for victims of banking misconduct. Labor fought for the Banking Royal Commission \u2013 unlike Scott Morrison and the Liberals who voted against the Royal Commission 26 times, called it a \u201cpopulist whinge\u201d and refused to give parliament more time to implement the … Continue reading “TOUGHER, FAIRER, FASTER – LABOR\u2019S RESPONSE TO THE BANKING ROYAL COMMISSION”<\/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-1957","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\/1957","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=1957"}],"version-history":[{"count":0,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/posts\/1957\/revisions"}],"wp:attachment":[{"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/media?parent=1957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/categories?post=1957"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.16news.com.au\/index.php\/wp-json\/wp\/v2\/tags?post=1957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}