Calls for a Royal Commission into Australian Banks and financial services have so far fallen on deaf ears.
The reasons why a royal commission is urgently needed include:
The reasons why a royal commission is urgently needed include:
- Entrenched ongoing fraudulent (possibly criminal) financial advice provided by the Commonwealth bank that has resulted in the losses of tens of millions of investors money.
- Banks rigging interest rates. Commonwealth Bank, ANZ, Westpac and National Australia Bank are all under official investigation by ASIC and have been served with official notices.
- The Australian Senate inquiry demanded a royal commission into Commonwealth Bank and ASIC
- The failure of "self regulated" banks and other financial services companies to deal with corrupt and illegal activities within their businesses.
Predictably, some major Australian banks oppose a Royal Commission into their conduct. What have they got to hide?
Labor now supports a Greens move for a Royal Commission into financial services. Some Coalition politicians such as Warren Entsch also support this.
Prime Minister Turnbull has dismissed calls for the Royal Commission, describing it as a "thought bubble". Ministers Josh Frydenberg and Peter Dutton have also parroted the "thought bubble" dismissal.
Prime Minister Turnbull has dismissed calls for the Royal Commission, describing it as a "thought bubble". Ministers Josh Frydenberg and Peter Dutton have also parroted the "thought bubble" dismissal.
It is quite clear that Turnbull, Frydenberg and Dutton are putting a massive cover-up of corporate banking fraud ahead of the public interest. Perhaps the large political donations that banks all make to the Liberal and National parties influence this curious response?
I don't think that the Commonwealth bank losing tens of millions of retirees and other investor money due to illegal and fraudulent practices is a "thought bubble". Nor is collusion between banks to manipulate interest rates.
I think it essential that the financial sector in Australia abides by laws and is held accountable and penalised for illegal activities if and when they occur.
External links
- Commonwealth Bank compensation scheme for victims of financial planning scandal 'a joke', Senate inquiry hears - ABC News
- Bank hearings to pry into interest rate rigging afr.com
- Senate inquiry demands royal commission into Commonwealth Bank, ASIC - ABC News
- Pressure on Turnbull over banks as three more Nats MPs speak out on royal commission. Sydney Morning Herald.
- 'Captain's call': Lib MP lashes Malcolm Turnbull and ministers for opposing bank inquiry
