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Banking royal commission: ABA chief Anna Bligh sought to limit inquiry

Australian Bankers' Association CEO Anna Bligh was also “concerned” the royal commission did not include shadow banks and mortgage brokers. Pic: AAP Australian Bankers' Association CEO Anna Bligh was also “concerned” the royal commission did not include shadow banks and mortgage brokers. Pic: AAP

Anna Bligh, the chief executive of the Australian Banking Association, sought to limit how far back the royal commission into banking was able to investigate cases of misconduct, according to documents obtained under Freedom of Information laws.

The documents, obtained by The Australian today, showed a list of issues raised by the ABA in the days after a royal commission was announced by the Turnbull government in November.

In a letter to Treasury, and copied to Treasurer Scott Morrison and Treasury Secretary John Fraser, Ms Bligh’s comments were relayed to department officials organising the royal commission into banking and financial services.

The letter shows Ms Bligh also she was “concerned” the royal commission did not include shadow banks and mortgage brokers.

Of the issues raised, the former Queensland Labor premier was said to be “concerned that (the terms of reference) do not include non-ADI lenders and mortgage brokers”

Ms Bligh also “flagged preference for limiting (terms of reference) as to how far back (they) can go”.

It was said that Ms Bligh wanted to confirm that Commissioner Kenneth Hayne had the discretion not to inquire into certain cases and was “able to exercise this discretion where cases are too far back/too long ago”.

Ms Bligh also wanted to confirm the impact on foreign banks, which are also members of the 25-member banking association. “No one is seeking to exclude foreign banks” but Ms Bligh was “curious to know (the) extent that someone like HSBC would be subject to review of cases or conduct that occurred abroad”.

More to come

This article was published by https://www.theaustralian.com.au/
Author: Michael Roddan is a business reporter covering banking, insurance, superannuation, financial services and regulation.
Last modified onFriday, 27 April 2018 22:38

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