Greens Treasury spokesperson, Senator Peter Whish-Wilson, provides the following comments on the Turnbull Government’s parliamentary committee probe into banking conduct and a possible banking tribunal.
“Following this week’s dog and pony show with bank CEOs, today’s move for a banking tribunal is just another distraction from the need for an independent “deep dive” review of our banking system, its regulations and the laws governing white collar crime, compensation, penalties and liquidation proceedings.
“Unless the ground is shaken, nothing will fall from the tree for victims of white collar crime and misconduct. They will likely be given more false hope and dragged through the mud again.
“The Greens strongly urge the Turnbull government to take this week’s shallow banking inquiry and give it some real teeth by implementing a full Parliamentary Commission of Inquiry that would essentially give parliament the powers and resources of a Royal Commission.
“We received legal advice from the Clerk of the Senate that a Parliamentary Commission of Inquiry is doable in this 45th parliament, so let's not waste any more time on distractions.
“Even with all their resources, it took ASIC seven years to get a civil conviction against directors of Storm Financial.
“What hope will mum-and-dad investors have against the big banks in any new tribunal when the system is fundamentally rigged against them.
“Without a forensic, resourced and independent inquiry into the regulatory and legal framework underpinning our financial system, setting up this new tribunal is putting the cart before the horse and is unlikely to deliver for victims,” he concluded.
Media contact: Emma Anglesey 0419 364 450