Summary: The Banking Royal Commission and many other inquiries have proven that many people and businesses have been damaged by unconscionable crimes and misconduct. Rory O'Brien nails it - it's a disgrace that remediation is apparently a low priority as far as the government and Commissioner Hayne are concerned. Dr Peter Brandson (Bank Reform Now)
Speaking after one of Labor’s royal commission forum hearings in Whitehorse, in the federal seat of Deakin, Labor leader Bill Shorten reiterated his calls for the banking royal commission to be extended.
Labor’s banking royal commission submission says Australians being forced into ruthless court processes. Labor has identified one of the biggest blindspots of the banking royal commission as being its lack of interrogation of the way banks are using the legal system to crush customers.
The political opposition to Glass-Steagall in Australia is wavering. The Senate yesterday voted on a Notice of Motion by Senator Pauline Hanson calling for the separation of Australia’s banks. Although the government and ALP joined forces to vote down the motion
CBA’s CEO Matt Comyn admitted to the House of Reps Economics Committee that CBA has *failed legally, morally and ethically in the way the bank treated its customers*. All the MPs dissected down to the key issues with surgical precision.
Bankers who steal from Australians should go to jail, Opposition Leader Bill Shorten says. “If you steal from a bank, you go to jail, but if a bank steals from you, they get a promotion and a bonus and a big car,” he said on Tuesday.
The current Royal Commission investigating the Banking, Superannuation and Financial Services Industry has already established and proven that there have been many tens, of thousands of breaches of Australian laws and regulations.
"...Why did it happen? What can be done to avoid it happening again? These are now the key questions...But it is necessary then to go behind the particular events and ask how and why they came about...Should the existing law be administered or enforced differently?..." Commissioner Hayne stated in his executive summary:
The corporate regulator has come in for heavy criticism in the Hayne royal commission's interim report which describes a weak watchdog that is too close to the banking sector and reluctant to act on misbehaviour.