Labor will fight to increase jail time for bankers who do the wrong thing, and set a half a billion financial penalty for corporate crooks.
The Banking Royal Commission uncovered unconscionable, corrupt and potentially criminal behaviour in the banking and financial services sector. The banks need to know that if they do the wrong thing, they’ll pay the price.
Unfortunately Morrison continues to run a protection racket for the banks – voting against a Royal Commission 26 times and failing to introduce sufficient penalties to crack down on the banks.
That’s why Labor will introduce amendments in the Senate today to overhaul a government bill – The Treasury Laws Amendment (Strengthening Corporate and Financial Sector Penalties) Bill 2018:
- Increasing jail time for the most serious corporate crimes from 10 to 15 years imprisonment
- More than double the proposed cap on financial penalties to $525 million
This would mean that for the conduct revealed in the Royal Commission report – including fees for no service – bankers would face an extra five years in jail.
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. This is another test – will they again vote again to protect the banks from tougher penalties?
The Royal Commission has shown that the big banks made hundreds of millions of dollars of profit from the fees for no service scandals – a slap on the wrist isn’t good enough.
After what’s been exposed through the Royal Commission, Australians expect tough action on corporate crime, and Labor is delivering.
Only Labor will clean up the banks. We fought for this Royal Commission and we will finish the job by implementing the recommendations and increasing penalties for banks who do the wrong thing.
Scott Morrison and the Liberals are the best friends the banks have ever had. They voted against this Royal Commission 26 times. They can’t be trusted to hold the banks to account.