According to data from the Australian Bankers’ Association, Australians remain in favour of a royal commission into the banking and financial services sector, despite public support dropping when information regarding unbinding and untimely results was revealed.
A study commissioned by the ABA in partnership with Galaxy Research, which surveyed 1,000 Australians, initially revealed that 46 per cent of respondents were in favour of a royal commission while 11 per cent were shown to be opposed to the idea.
However, when provided specific information on what exactly a royal commission entails as well as the average time it would take for recommendations to be delivered, support among respondents dropped.
About 36 per cent of those surveyed remained in favour, while 25 per cent of respondents opposed a royal commission.
Meanwhile, 39 per cent of respondents indicated they neither opposed nor supported the idea.
Commenting on the decline in support of the royal commission, ABA chief executive Steven Münchenberg said, “People don’t believe a royal commission is the right way to go when they understand that it can’t impose fines on banks or force banks to pay compensation, and it can’t change laws or do anything other than make recommendations which the government of the day is not bound to implement.
“Of those who believe banks need to improve the way they operate, the majority want action now, not in two to three years’ time via a royal commission.”
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 10:10Life insurer fires 50, kills outbound sales businessBy James Mitchell
- 10:10Strategic plan for AFCA releasedBy Eliot Hastie
- 18 Oct 2018Clique Paraplanning launches practice portalBy Reporter
- 18 Oct 2018Challenger announces new Netwealth dealBy James Mitchell
- 18 Oct 2018Aussies say royal commission won’t change their view of adviceBy James Mitchell
- 18 Oct 2018Hire younger advisers to get younger clients, paper suggestsBy Adrian Flores
- view all