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To the Commonwealth Parliament: Pass Australian Glass-Steagall Bill to break up the banks

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To the Commonwealth Parliament: Pass Australian Glass-Steagall Bill to break up the banks

The Financial Services Royal Commission’s exposure of banking misconduct and crimes proves that the banks must be broken up. Traditional commercial banking, of taking deposits and making loans, should not mix with investment banking, insurance, stock broking, funds management, financial advice, superannuation, hedge funds and private equity funds.

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Kelly O'Dwyer won't concede Government was wrong on delaying banking royal commission

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Barrie Cassidy interviews Financial Services Minister Kelly O'Dwyer on Insiders. (ABC News)

Financial Services Minister Kelly O'Dwyer has repeatedly avoided answering questions on whether it was wrong to delay establishing a royal commission into the banking sector, after a week of shocking revelations.

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Australian Government should be ashamed of past performance on banking sector

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Photo: The Government needs the issue squared away before the election. (Flickr: CC By-SA)

If you are a politician, what do you do when your bad judgement — or worse — has been dramatically called out for all to see? That's the question which has faced the Government as appalling behaviour by the Commonwealth Bank, AMP and Westpac has been revealed this week at the royal commission into misconduct in the banking, superannuation and financial services industry.

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Royal commission proves it: The big banks are too big

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The Four Pillars Policy has protected the big banks for decades.

Not to put too fine a point on it, but the banking royal commission is delivering in spades. If a single conclusion is to be reached at this early stage of the commission’s work, Australia’s biggest financial institutions are manifestly too big – too big for their boards, their chief executives and for easily bamboozled regulatory watchdogs.

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If you think the banking royal commission is big, you’re wrong. It’s much bigger.

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Commissioner Kenneth Hayne has heard a litany of corporate lies, deceit and greed. Photo: AAP

This week’s disclosure of corporate lies, deceit and greed has damaged the reputations of the big five (big four banks plus AMP). Down the track, some third-string heads will roll and the vertical integration of the wealth management industry will be unravelled.

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Barnaby Joyce says he was wrong to oppose a banking royal commission

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Photo: While Barnaby Joyce was deputy PM, the Government repeatedly refused a royal commission. (ABC News: Jed Cooper)

Barnaby Joyce says he was wrong to argue against a banking royal commission because what has emerged is "beyond disturbing". The former Nationals leader is now a backbencher, but he was deputy prime minister when the Federal Government repeatedly refused to call a royal commission.

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AMP CEO RESIGNS OVER SCANDALS

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AMP CEO RESIGNS OVER SCANDALS

The CEO of AMP, Craig Meller, is stepping down as the financial giant apologies for its conduct revealed in the financial services royal commission. “AMP apologises unreservedly for the misconduct and failures in regulatory disclosures in the advice business,” the company said referencing evidence in the royal commission on the fee for no service issue.

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AMP’s scandalous admissions at royal commission draw outrage

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Evidence given by AMP's Anthony 'Jack' Regan has been called 'disturbing'. Photo: AAP

Outrage is growing across party and ideological lines following extraordinary revelations that financial services giant AMP was routinely charging customers fees for no service, and misleading the regulator about it. The potentially criminal behaviour was revealed during a royal commission hearing on Tuesday. By Wednesday, the behaviour had been universally condemned.

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ASIC missed chance to stop the rot in financial advice 12 years ago

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ASIC's softly-softly approach to financial advice has failed. Photo: Jim Rice

Twelve years ago the Australian Securities and Investments Commission (ASIC) faced a fork in the road concerning malpractice in financial advice. Unfortunately, for the hundreds of thousands of people who have lost money and sometimes their health since, the regulator chose the wrong option.

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Former NAB financial adviser banned after 'withdrawing $1.9m in client funds'

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Grant Taylor was handed a life time ban on providing financial services. Photo: Supplied

A former NAB financial adviser has been banned from the industry for life after allegedly using more than $1.95 million of client money to cover personal and business expenses. Grant Taylor from Montmorency in Melbourne’s north-east was on Wednesday handed a life time ban on providing financial services by the Australian Securities and Investments Commision (ASIC) after an investigation found he "engaged in dishonest and deceptive conduct".

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