Turnbull announces Royal Commission into financial services sector


READ MORE

Mr Turnbull announced a Royal Commission to investigate banks, wealth managers, superannuation providers and insurance companies after the CEOs of the Big Four banks themselves requested an inquiry to end ‘uncertainty’.


“Cabinet has met this morning and determined that the only way we can give all Australians a greater degree of assurance is a Royal Commission into misconduct into the financial services industry,” the prime minister said on Thursday morning. 


“Only the government can ensure that a royal commission is created, established with respected and capable commissioners.”


Prime Minister Malcolm Turnbull arrives at a press conference at Parliament House in Canberra, Thursday, November 30, 2017.

Prime Minister Malcolm Turnbull arrives at a press conference at Parliament House in Canberra, Thursday, November 30, 2017 (AAP)


The Commissioner, once appointed, would have a fixed timeline of 12 months to investigate banks, wealth managers, superannuation providers and insurance companies.


Treasurer Scott Morrison described the move as a “regrettable but neccesary action” to give the banks more certainty amid increasing political pressure. He said the government’s political opponents were using the banks as a “political football”. 


Labor, the Greens and several in the Nationals have been pressuring the government to conduct a sweeping commission of inquiry. 


On Thursday, the CEOs of the Big Four banks wrote an open letter to ask the government to back the calls for an inquiry. 


“It is now in the national interest for the political uncertainty to end,” the CEOs of the Commonwealth, Westpac, National Australia and ANZ banks told Treasurer Scott Morrison on Thursday.


“It is hurting confidence in our financial services system, including in offshore markets, and has diminished trust and respect for our sector and people.”


Move comes as Nationals were set to side with Labor, Greens to force inquiry 


The Turnbull Government has long opposed a Royal Commission into the banks, but was facing pressure from some Coalition backbenchers who were preparing to cross the floor over the issue. 


Nationals senator Barry O’Sullivan had been in discussions all week with Coalition colleagues, Labor and the Greens on his bill to set up an inquiry into the banking, superannuation, insurance and financial services sector.





Labor senator Doug Cameron had also given notice of a motion which would give Senator O’Sullivan’s bill precedence over all government business, with the expectation that there would have been a vote to approve it next week.


The government has long argued an inquiry would be a waste of money and would take too long to deliver any relief to customers already benefiting from government reforms. Coalition Senator Matt Canavan last week said a Commission would be a “lawyers’ picnic”. 



Article source: http://feedproxy.google.com/~r/sbsnews-topstories/~3/meda8pcB7jo/bosnian-croat-war-criminal-dies-after-drinking-poison-un-court

Comments

Post a Comment

Popular posts from this blog

World Cup Central: Dhoni, Akhtar, Botham in All Blacks all-time cricket XV

READ MORE Facebook Twitter Facebook Messenger Pinterest Email print World Cup fever has crossed platforms. There was Harry Kane sneaking into India’s training sessions to meet Virat Kohli. And now there’s the All Blacks picking a XV made up of past and present cricketers. With the @cricketworldcup underway in England, we’ve taken a look at all the best players from past and present to select the ultimate Cricket XV! SQUAD NOTES https://t.co/B3rnj5OBuJ #CWC19 pic.twitter.com/KuUtPU77PT — All Blacks (@AllBlacks) June 2, 2019 And they’ve got some pretty cool reasons for picking some pretty cool players. Curtly Ambrose : If anyone wants to argue with this selection then take it up with Sir Curtly himself. We dare you. MS Dhoni : The Richie McCaw of Cricket. Enough said. Dwayne Leverock : Famous for his one-handed catch at the 2003 World Cup, the 130kg Bermudian would surely make just as big a splash on the rugby field. Jofra Archer runs in to bowl  Get...
Read more

Banned Bancroft's journey of self-discovery

Image
READ MORE © Getty Images Spanish lessons, yoga and a host of community work have all been part of the path taken by Cameron Bancroft since the Newlands ball-tampering scandal. The Australia batsman has been looking to seek the sort of perspective and self-knowledge that will prevent him from following the kind of instructions issued to him by David Warner in the Cape Town dressing room. Bancroft spoke in Perth on Saturday ahead of his return to cricket via Twenty20 and 50-over appearances in the Northern Territory, where he will also endeavour to work closely in developing local talent. It’s the next step on the path away from Newlands as Bancroft serves a nine-month ban from the game imposed by Cricket Australia under its code of conduct. Perspective on life was greatly needed as Bancroft, Warner and the former captain Steven Smith pondered what evolved in South Africa, and Bancroft said he had spent plenty of time devoting himself broadening his own knowledge and also to...
Read more

Drones to become the new naval mine hunters under Morrison pledge

Image
READ MORE Advanced navies worldwide are increasingly turning to drones to do mine hunting and clearing work at sea. Marcus Hellyer, a former Defence Department official and now a senior analyst at the Australian Strategic Policy Institute, said that using autonomous and unmanned sea vehicles allowed the crewed ship to stay at the edge of a minefield, keeping naval personnel safer. The Morrison government has promised if re-elected to fast-track the building of two new mine hunting naval ships. Credit: Nine Newspapers “Common sense has prevailed,” he said of the decision. “Rather than keeping going down the path where you have old technology being extended at great cost, this will introduce new technology more quickly and that’s a good thing. “The current path does keep the human at the centre of the minefield, but the new approach lets them stay outside the minefield and let autonomous vehicles go in and do the dangerous work.” Article source: https:/...
Read more