Labor is deeply concerned by the allegations of misconduct in the banking and insurance sectors which have come to light in recent times.

Australians have the right to expect the utmost standards of integrity in the financial industry which is the largest single sector in our economy.

If financial institutions behave inappropriately, they let down Australian consumers who depend on them and put their trust in them.

We support ASIC as they investigate the handling of insurance claims at CommInsure and pursue allegations of rate manipulation at ANZ and other banks.

We also support the Senate Economic References Committee as their inquiry continues into the Scrutiny of Financial Advice and their decision last week to specifically investigate practices of the life insurance industry.

The Parliament is currently considering a Bill to change the remuneration framework in the life insurance advice industry, but this is only part of the story.

Labor will continue to monitor these unfolding reports and look for ways to better protect consumers in the financial sector.