The Australian Greens finance spokesperson, Senator Peter Whish-Wilson, said today that the “ugly spectacle” of Westpac and ANZ traders joking about their apparent rigging of the bank bill swap rate (BBSR) strengthened the case for a Royal Commission in the financial services sector.

Senator Whish-Wilson said, “Trader’s antics are no joke. This sort of callous disregard for the harm being caused reflects a deeper cultural problem at the heart of the financial sector.

The Australian Greens have today reiterated their call for a Royal Commission into the financial services sector and the culture generated within vertically integrated banking models.

Greens Finance spokesperson, Senator Peter Whish-Wilson, has again called for banks to be put under the highest level of scrutiny following revelations of misconduct in the insurance arm of the Commonwealth Bank.

Senator Whish-Wilson said, “The coercive powers of a Royal Commission are essential to see how far and how high this problem goes.

Today the Senate voted against the motion lodged by Greens Finance spokesperson, Senator Peter Whish-Wilson, calling on the government to establish a Royal Commission into misconduct within the financial services sector.

Senator Whish-Wilson said, “It has taken one Senate Inquiry into ASIC, many brave whistle-blowers and some dogged investigative reporting by Fairfax newspapers to reveal systemic abuses and misconduct within the financial services sector.

The Greens spokesperson for Consumer Affairs, Senator Peter Whish-Wilson, says that revelations that ANZ charged 8,500 clients for a service they never received shows that more needs to be done to root out problems in the sector.

Senator Whish-Wilson said, “It has only taken a few Senate inquiry hearings to pressure the banks to reveal systemic problems within the financial advice sector.

“Imagine what might be exposed if a Royal Commission was established and given powers to investigate the sector properly.

Greens spokesperson for Competition Policy, Consumer Affairs and Small Business, Senator Peter Whish-Wilson, says that today’s revelations in the Fairfax papers about scandals in the NAB financial advice arm is the last straw for the Government in failing to regulate and properly investigate the sector.