The big banks won’t be able to hide from the recommendations of the Banking Royal Commission under Labor.
The big banks will have to front up and tell Australians exactly how they are changing their culture to meet the Banking Royal Commission recommendations, with a Shorten Labor Government putting in place strict new reporting requirements to ensure banking executives aren’t let off the hook.
The Banking Royal Commission uncovered systemic unconscionable conduct at the heart of our financial services industry – a standard where ripoffs and rorts weren’t just overlooked, they were part of the business model.
The Liberals have said that they “support” the banks acting on a range of recommendations. But they aren’t showing any interest in actually following through. Scott Morrison and Josh Frydenberg are already trying to wash their hands of the Royal Commission.
Scott Morrison and the Liberals are pulling the handbrake on implementation of the Royal Commission’s recommendations. They can’t be trusted to hold the banks to account. They will try and delay implementation of Commissioner Hayne’s recommendations with endless reviews and excuses.
Labor won’t let the banks of the hook. A Shorten Labor Government will make the banks accountable to the Parliament and the public for how they are implementing the recommendations.
Forcing the banks to front up and report their progress as they implement the Royal Commissions will be a key part of ensuring there is permanent change in the financial services industry.
Labor will also make it harder for banks to hide from their misconduct. Banks will now be named and shamed when the Australian Financial Complaints Authority (AFCA) makes findings against them in a case.
That’s why Labor will:
- • Require the ABA, the four major banks, APRA and ASIC to develop Royal Commission implementation plans by 1 August 2019 and submit them to the Royal Commission Implementation Taskforce.
• Require major companies, industry bodies, APRA and ASIC, to publicly report to the Royal Commission Implementation Taskforce about their progress in implementing recommendations
every 6 months.
- • Require AFCA to identify financial firms such as banks and insurers in published determinations when the determination is in favour of the customer.
• Force the four major bank CEOs and the Australian Banking Association (ABA) to publicly front up every 6 months and outline how they are responding to the Royal Commission, providing a written Royal Commission implementation report to the
House of Representatives Economics Committee.
We need to take tough action – and only Labor can be trusted to act and clean up this behavior once and for all.
Scott Morrison voted against a Banking Royal Commission 26 times. He is refusing to give Parliament enough time to act on the Royal Commission recommendations before the election. Labor has legislation on the table to protect banks from some of the worst conduct revealed in the Royal Commission – Scott Morrison needs to stop his part-time Parliament approach and take up Labor’s plans.