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.”
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“No customer is going to wake up the day after the 31st of March and find that there is some legal action being taken by their bank on their loan.”
“For the first time, banks are unveiling an industry-wide Financial Assistance Hub. The site aims to inform and assist bank customers so they know exactly where they stand, and the support their banks will provide them.”