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Traders’ antics are no joke: we need a Royal Commission to get to the heart of the problem

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.

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CommInsure scandal reinforces need for an urgent Royal Commission

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.

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Greens motion for Royal Commission into misconduct in the financial services sector rejected by Senate

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.

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ANZ’s entry into Financial Advice mess shows Royal Commission still needed

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.

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