29 August 2016
Sydney, 29 August 2016: After four months of silence on its terms of reference for a royal commission into banking, Labor has instead cut and pasted part of its May dissenting report from the PJC inquiry into impaired bank loans.
“In regurgitating the dissenting report of the Parliamentary Joint Committee (PJC) on Corporations and Financial Services, Labor has suggested terms for a royal commission that are vague and open ended,” Australian Bankers’ Association Chief Executive Steven Münchenberg said today.
“The rest of the PJC didn’t agree with Labor’s terms and found no “evidence that demonstrates that there was widespread or systematic illegal behaviour by banks”.
“Having said that, the banking industry acknowledges there have been issues and we are working to fix those with our industry reform package we released in April,” Mr Münchenberg said
“An independent review is being conducted by a former Australian Public Service Commissioner into how bank staff are paid.
“Banks are also addressing community concerns about bad apples moving around the industry, the handling of customer complaints and the treatment of whistleblowers.”
ENDS
Contact: Stephanie Arena 0477 470 677 or Nic Frankham 0435 963 913
Latest news
Banks are warning shoppers to keep their guard up as they grab a bargain during the Black Friday sales period, after Australians reported losing more than $22 million to buying and selling scams across the past year. Common shopping scams to watch out for: ABA CEO Simon Birmingham said scammers would be out in force… Read more »
This op-ed was originally published in the Australian Financial Review More rates pain denotes an even greater focus on the fight against inflation. Rightly so. As the Reserve Bank pulls harder on the monetary policy lever to reduce aggregate demand, a proper focus also falls on the role of all governments to do likewise through… Read more »
Banks welcome Treasurer Jim Chalmers’ release today of draft regulations to lift the cap on covered bond issuance, a practical step that would help small and mid-tier banks access cheaper, more stable funding. ABA CEO Simon Birmingham said these changes, including streamlined reporting for smaller banks, are a welcome part of the Government’s broader productivity… Read more »