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Endless greed in the banking sector won't be stopped without major reform

GreensMPs 28 Sep 2018

Greens Treasury spokesperson Senator Peter Whish-Wilson and Leader Dr Richard Di Natale have this afternoon welcomed the release of the interim report of the Banking and Financial Services Royal Commission, saying we must now undertake serious reform to clean up the endless greed in the sector.

“Scott Morrison famously said when announcing this Royal Commission that it would not be ‘capitalism on trial’, but it’s now clear that’s exactly what it is, certainly it’s the worst excesses of capitalism on trial,” Senator Whish-Wilson said.

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CBA scandal: Government must relent on Bank RC and CBA must cancel all executive bonuses

Greens Treasury Spokesperson, Senator Peter Whish-Wilson, says that Commbank money laundering scandal shows that the culture in the financial services sector is still suspect and only a Royal Commission or a Parliamentary Commission of Inquiry will return public confidence in this critical sector.

Senator Whish-Wilson said, “The behaviour of Commbank that emerged during the Senate Inquiry into ASIC was what sparked the first call for a Royal Commission. I am sick of being told by overpaid executives that everything is ok in this sector, when it is clearly not.

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Turnbull putting cart before horse on banking tribunal

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.

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