My relentless pressure to have an inquiry into the banks paid off – so thank you for your support, especially those who signed the petition. Just days after thousands of North Queensland signatures started piling on to the petition, Prime Minister Malcolm Turnbull announced he would establish a Royal Commission into the alleged misconduct of Australia’s banks and other financial services entities.
We have moved to establish a new one-stop shop to resolve customer complaints; significantly bolstered the Australian Securities and Investments Commission’s powers and resources; created a framework to hold banking executives accountable for their actions; and acted to boost banking and financial services competition for the benefit of customers. We will ensure that the Inquiry will not defer, delay or limit, in any way, any proposed or announced policy, legislation or regulation that we are currently implementing.
The Inquiry will consider the conduct of banks, insurers, financial services providers and superannuation funds (not including self-managed superannuation funds). It will also consider how well equipped regulators are to identify and address misconduct. It will not inquire into other matters such as financial stability or the resilience of our banks. This will be a sensible, efficient and focussed inquiry into misconduct and practices falling below community standards and expectations. Most Australians are consumers of banking and financial services, and we all have the right to be treated honestly and fairly by banking and financial services providers.
The Prime Minister has asked the Commission to submit an interim report no later than September this year, and a final report to be submitted within a further 12 months.
George Christensen MP
Federal Member for Dawson