JIM CHALMERS MP
MEMBER FOR RANKIN
STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES AND SUPERANNUATION
MEMBER FOR WHITLAM
BANKING VICTIMS IGNORED AS REFORMS ABANDONED AND DELAYED
Two years after shocking misconduct was revealed by the Banking Royal Commission only a third of the 76 recommendations have been implemented and are in force.
After two years of empty promises, Scott Morrison and Josh Frydenberg have shown contempt for the Commission’s recommendations and the victims.
They have ignored the very first recommendation and introduced a Bill to repeal Responsible Lending Laws.
They have failed to introduce the compensation scheme which will provide relief to the victims of financial crime.
When it comes to rorts and rip-offs in the banking system, Scott Morrison and Josh Frydenberg have never been on the side of ordinary Australians.
The Royal Commission revealed that major banks and financial institutions had engaged in serious misconduct, including:
• Bullying a young man with Down’s Syndrome into purchasing life insurance he could never benefit from.
• Charging dead people for financial advice.
• Shoving clients into high-risk low-quality products.
The Liberals and Nationals shamefully voted 26 times against even having a Royal Commission.
This Government never cared about bank misconduct and after 731 days of inaction they are using the pandemic as an excuse to cut Australians pay, cut superannuation and undermine protections in the banking sector.
THURSDAY, 4 FEBRUARY 2021