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Labor renews calls for banking royal commission

The federal opposition has reinstated calls for a royal commission into the banking and financial services sector, saying those who have been “ripped off” as a result of bad financial advice deserve one.

In a statement earlier this week, Senator Katy Gallagher said Australians “who have been ripped off by their bank or left with nothing as a result of bad financial advice” have continued to see their interests ignored by a “weak Prime Minister who is more interested in protecting the banks”.

“Even Malcolm Turnbull’s own backbench knows that a royal commission is the right course of action to shine a light on the wrongdoing in the financial services sector,” the statement said.

“Malcolm Turnbull has tried every option under the sun to avoid a royal commission, but none of them will provide a systemic look into what structural and cultural changes need to occur in the banking and financial services sector to prevent further rip offs in the future.”

ifa reported in November that Labor had set up a new Senate inquiry that will scrutinise laws in the banking and financial services industry, as well as allow victims of scandals to have their voices heard. 

The recent statement said Labor will continue to fight for a royal commission throughout 2017 and will be leading the Senate inquiry from March 2017.