CALLS FOR A ROYAL COMMISSION INTO BANKS GROW LOUDER AS THIS WEEK CBA WAS ACCUSED OF SYSTEMIC LAW BREACHES!
- Posted in: Uncategorized
- 2017 August 5
Allegations of more than 50,000 breaches of anti-money laundering laws by the Commonwealth Bank have put pressure on Govt politicians to support legislation for a Royal Commission into the banks when Parliament returns next week.
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On 27 March 2017, the Hon Bob Katter introduced to The Parliament of the Commonwealth of Australia the People of Australia’s Commission of Inquiry (Banking and Financial Services) Bill 2017. The Bill is for an Act to establish a People of Australia’s Commission of Inquiry into banking and financial services in Australia, and for related purposes. The People of Australia’s Commission of Inquiry (Banking and Financial Services) Bill 2017 (the Bill) provides for the establishment of a Commission of Inquiry.
The Bill invests the People of Australia’s’ Commission of Inquiry with the full powers of a Royal Commission as laid out in the Royal Commissions Act 1902. The Commission of Inquiry will inquire into unethical, unlawful and improper conduct in the banking, financial services and related sectors. The purpose of the Bill is to fully expose and shine the light of public scrutiny on the unethical and unlawful conduct/practices in the banking and financial services industries and to put forward recommendations for reform. Particular concern has been raised in relation to the conduct of service providers in the banking, superannuation, insurance and other financial services sectors.
Responding to numerous media reports, whistleblower disclosures and cases raised with Members of Parliament and Senators, there have been 37 reviews and inquiries into banking and financial services since 2010. However, none of these past reviews/inquiries have had the level of powers of a Royal Commission. These past reviews/inquiries have often not been independent, have been politicised and have had limited scopes of inquiry. This has led to little, or no, reform to the sector, nor justice for the victims. Nor has this led to the spotlighting of the malpractices, shortcomings and injustices of current financial practices. The Commission of Inquiry will have the full powers of the Royal Commissions Act 1902 plus additional powers related to protecting whistleblowers.
The Commission of Inquiry will report to the Parliament, as opposed to a Royal Commission which reports to the Executive arm of Government. The establishment of the People of Australia’s Commission of Inquiry (Banking and Financial Services) ensures that those who have undergone financial hardship due to another’s unlawful misconduct will have access to justice and a platform from which to pursue their rights. The Bill is compatible with human rights and seeks to establish a People of Australia’s Commission of Inquiry (Banking and Financial Services), with pr tections for rights comparable to those of a Royal Commission.