ROYAL COMMISSION INTO THE BANKING AND FINANCIAL SERVICES SECTOR
The obvious shortcomings of the ABA response have meant that the public debate about a Royal Commission hasn't stopped. If anything it's intensified with each new disclosure or crisis.
This sector employs almost half a million people and it’s the fastest growing in the Australian economy.
The fact is, the confidence and trust in the financial services industry has taken a huge hit over an ongoing range of scandals and high profile consumer rip offs.
We need Australians to have confidence in their banks and financial institutions, to sweep away the doubt, to uncover and deal with unethical behaviour that compromises that confidence.
Retirees who have had their retirement savings gutted. Families have been rorted out of hundreds of thousands of dollars. Small business owners who have lost everything. Life insurance policy holders denied justice.
There are literally tens of thousands of victims, if not more. Enough is enough.
Every Australian uses a bank and every Australian relies on the integrity of the banks - we need to restore that trust and confidence.
A Royal Commission into the financial services industry will examine issues such as:
- how widespread instances of illegal and unethical behaviour are within Australia’s financial services industry;
- how Australia’s financial services institutions treat their duty of care to their customers;
- how the culture, ethical standards and business structures of Australian financial services institutions affect the behaviour of these institutions;
- whether Australia’s regulators are really equipped to identify and prevent illegal and unethical behaviour;
- comparable international experience with similar financial services industry misconduct and best practice responses to those incidents; and
- other events as may come to light in the course of investigating the above.