Treasurer Josh Frydenberg has asked the House of Representatives standing committee on economics to inquire into progress made by financial institutions in implementing the recommendations of the Hayne royal commission.
Ten recommendations were made by commissioner Kenneth Hayne in his final report directed towards the industry, with the inquiry expected to learn how that implementation is progressing.
Commissioner Hayne made a total of 76 recommendations but made it clear that primary responsibility for misconduct in the financial sector lies with the institutions concerned and their boards and senior management.
The remit of the inquiry has also been expanded to include other major relevant financial institutions and leading financial services associations.
The inquiry will complement the continuation of the broader inquiry into the four major banks which was announced in 2016.
It will also provide further transparency to the public on the work the institutions are doing in implementing the royal commission recommendations.
The government hopes that in doing so it will contribute to restoring community trust in the sector.
The Liberal party are only interested in BIG business = BIG $$ donations
So the CBA (rightly) gets punished for loose AML controls on transactions totalling $625 Million.
Meanwhile at Crown, “the “whales”, could lose $15 million in less than an hour and turn over $1 billion in just a few trips.” This included [b]special [/b][b][/b]visa arrangements to the extent that an individual who was on the Interpol list was allegedly waived through by our Immigration Department. (source: SMH)
In the ABC’s own words “an extraordinary silence lingers as major parties go missing on Crown”.
Double-standards? By our highly-principled pollies? Surely not.
Trust in the system? Who is Frydenburg kidding, as Ken Henry said last week, corruption still happening in the banking sector, and was still happening during the banking RC, so nothing will change, its culture, the RC gave the banks a free pass, no convictions, no nothing, just a slap on the wrist with a wet lettuce leaf, so honest people will continue to be dudded by these crooks, as they seem to be a protected species by our ruling elite, and the regulators, just useless, complete toothless tigers, all regulators, ASIC, APRA, AFCA, clean them all out and get honest, working people, not banking stooges. D Lock
What a joke !! For a starter, how about an enquiry into Cbus – the fund of the despised CFMEU that Hayne excused from the royal commission ? There was nothing “Royal’ about the royal commission. Who was behind the release of Cbus from the royal commission ?
No watch how the inquiry will trickle down from the Banks and the brunt (blame) will be borne by Advisers. Happens every time!
How about they apply their efforts to controlling the price of energy or reigning in the rampant cost of healthcare?
Too hard and not enough popular press.
I think an inquiry into the competence and accountability of the government would be more useful and who is responsible for ill informed policy documents – cite the Treasury announcement in 2018 – later retracted – banning residential property investment via a MIT to lock out foreign investors – had the effect of locking out Australians as well – unintended con sequences they said. What a government!
Yep, lets just have yet another enquiry shall we?
Why not, when its all about the perception of consumer benefit and not reality.
The more enquiry’s that are implemented, the more the Govt at least appears to be doing something.
This is a game of smoke and mirrors and is all designed to to pump up the public’s perception they are being looked after by the current Govt.
What is the cost to the taxpayer?
When the taxpayer is compelled to spending money on something, they should receive a return on their capital expenditure.
The Govt will never have any measure at all by which to clearly determine whether consumers will have benefited from
any of the measures implemeted.
All they want to be seen is doing “something”, irrespective of whether it is actually in the best interest of the consumer or not.